Breakfast Bites: A trio of positive economic reports in the form of Housing Starts, Building Permits and Jobless Claims have outweighed the earnings disappointments from the financial sector this morning.
Applications for jobless benefits decreased by 37,000 to 335,000 in the week ending January 12th, the lowest level since the week ended January 19th 2008
Housing Starts climbed 12.1% to an 954,000 annual rate, the most since June of 2008.
Building Permits, a proxy for future construction, climbed to 903,000, less than starts, possibly indicating the industry might take a breather in the coming months.
Ahead of the Bell: Dow futures are trading up 13 points and S&P futures are trading up 3 points on optimism global central banks will provide more stimulus to boost the recovery. The euro currency continues to strengthen against the dollar, Spain and Italy conducted successful bond auctions and better than expected retail numbers from euro zone companies offset disappointing earnings from mining companies like Rio Tinto. The fourth quarter earnings parade continues, as banking stocks will once again be in focus. Bank of America reported better than expected quarterly results, while Citigroup disappoints.
On the economic calendar today, housing starts for December will be out prior to the opening bell, 0.887M is forecasted versus 0.861M for November. The Labor Department will also release weekly jobless claims before the market opens and it is expected to be 368K...
The Royal Concertgebouw Orchestra celebrates its 125th anniversary in 2013.
In honour of its jubilee year, the orchestra plans to tour six continents over the next twelve months: Europe, North America, South America, Asia, Africa and Australia. Managing director Jan Raes sounds the gong.
Chairman, President and Chief Executive Officer Christopher Martin to Ring The Closing Bell®
On Wednesday, Jan. 16, executives and guests of Jersey City, N.J.-based Provident Financial Services will visit the New York Stock Exchange (NYSE) to mark the company’s 10th anniversary of trading on the NYSE.
To mark the occasion, Chairman, President and Chief Executive Officer Christopher Martin will ring The NYSE Closing Bell.
Provident Financial Services (NYSE: PFS)
Provident Financial Services, Inc. is the holding company for The Provident Bank, a community-oriented bank offering a full range of retail and commercial loan and deposit products. The Bank currently operates a network of full service branches throughout 11 counties in northern and central New Jersey.
Stocks traded in a tight range and ended the session split tempered by the World Bank’s lowered global forecast and modest US economic data. Technology stocks outperformed the gainers led by Apple’s rebound and banks lifted the financial sector following better than expected earnings at Goldman and JP Morgan. Tomorrow traders will focus on more bank earnings, housing starts and jobless claims. The Dow closed down 23.66 to 13,511.23.
The World Bank announced that it expects GDP growth of only 2.4% in 2013, down from 3%, and 3.1% in 2014, down from 3.3%. While the worst of the financial crisis seems to be over, the Bank says the global economy remains "fragile".
The National Association of Homebuilders Housing Market Index for January registered 47 versus a consensus of 48 and compared to 47 in December 2012.
December Consumer Price Index was flat in-line with expectations compared to -0.3% in the...