U.S. stocks were mostly higher on Thursday as investor focus shifts from the crisis in Ukraine to the better-than-expected improvement in jobless claims ahead of tomorrow's nonfarm payroll report. Financials once again led the S&P 500 higher, marking the third consecutive day of notable strength for the sector. Energy and Industrials also outperformed, while Utilities and Healthcare led declines. Gold is higher, topping $1,350, while the dollar fell more than 0.5% against its major rivals.
NY Federal Reserve President William Dudley said earlier today that weather has made reading the current state of the economy more difficult, but not enough to change or adjust the taper path. Dudley (a dovish voter) is still positive on U.S. growth outlook.
In U.S. economic news, Initial jobless claims fell 26K to 323K for the week ended March 1st. The reading was below 335K consensus and lowest level in three months...
Markets started off the week with wild swings as unrest in the Ukraine kept investors on edge. However as the week moved forward, uneasiness subsided and indices continued their climb higher. Here are three things that have been driving the market this week:
Markets plunged on Monday as Russia’s growing military presence in Ukraine prompted a sharp sell-off in both US markets and emerging-markets. When the dust settled, the DJIA was down almost 200 points marking the largest decline in almost a month. On Tuesday however, the losses were erased as Russian President Vladimir Putin ended military exercises near Russia's Ukrainian border, easing anxiety in equity markets. For the time being, there is a relative calm in the region but tensions remain high as the threat of an all-out war is an ongoing concern.
Weather & Weak Data
Wednesday’s ADP job’s report and ISM non-manufacturing data did not have any major impact on the markets....
On Thursday, March 6 representatives from inPERU, a not-for-profit organization dedicated to promoting foreign investment and the development of opportunities in Peru, as well as in its financial and capital markets, rang The Opening Bell® at the New York Stock Exchange to highlight Peru as an emerging country and potential source of investment.
Mr. Julio Velarde, the Governor of the Peruvian Central Bank, Mr. Jose Antonio Blanco, the Chairman of inPERU, Christian Laub, the Vice Chairman of inPERU and Chairman of the Lima Stock Exchange, as well as top executives from the...
From The Trading Floor: Stocks are rising this morning, sending the S&P 500 to a new all-time high as jobless claims fell to the lowest level in 3 months
U.S. Job cut announcements fell 24.4% in February according to Challenger, Gray & Christmas
Non-Farm business sector labor productivity increased at a 1.8% annual rate during the 4th quarter of 2013
Jobless Claims declined by 26,000 to 323,000 in the week ending March 1st an indication companies are holding on to staff even as the cold weather threatens business.
Factory goods new orders for January fell by -0.7% vs -0.5% consensus
The effects of the severe winter weather are evident throughout the economy, says the Fed Beige Book, but nevertheless, the expansion continues. Eight districts reported improved levels of activity, although New York and Philadelphia experienced slight declines because of the weather.
Ahead of the Bell: Dow futures are trading up 26 points and S&P futures are trading up 2 points. Investors remain optimistic that diplomatic efforts to cool the crisis in Ukraine will continue. European Union leaders are meeting in Brussels today and are set to impose sanctions against Russia, whose forces have seized control of Ukraine's Crimea region. Federal Reserve Chair Janet Yellen vowed to "do all that she can" to boost a US economy where unemployment is too high and inflation is too low. The European Central Bank is likely to announce new monetary policy updates after the International Monetary Fund called on the ECB to start buying public and private assets or extend more cheap long-term loans to banks, as well as cutting interest rates to a new record low.