From The Trading Floor: Bouncing back from yesterday’s rollercoaster market and eventual decline, the markets are trading higher this morning on some better than expected early economic data.
Durable goods orders jumped 5.7 percent as demand for transportation equipment rebounded strongly, the Commerce Department said. The rise last month in durable goods orders reversed January's 3.8 percent plunge. Excluding transportation, orders slipped 0.5 percent after increasing 2.9 percent in January. Economists had expected a 0.5 percent rise
Residential Real Estate prices, as measured in 20 U.S. cities by Case-Shiller, increased in January by 8.1% the most since June of 2006 indicating that the U.S. housing market strengthened at the beginning of the year.
Sales of U.S. houses in February fell by 4.6% to 411,000 annualized rate capping the best back to back months in more than 4 years
Ahead of the Bell: Dow futures are trading up 27 points and S&P futures are trading up 3 points. Euro zone fears and questionable comments from EU finance official’s keeps markets jittery. Banks in Cyprus remain close until Thursday to prevent a run on deposits. The government will then use the 10 billion euro rescue funds to avoid a financial meltdown of the system. Mixed comments by the head of the Eurogroup finance members that the deal reached by Cyprus with bond holders could become the template for other struggling members of the region is weighing on investors. Deep division remains among the 17 members bloc of the struggling south versus the more prosperous north.
On the economic calendar today, durable goods orders for February will be out before the market opens, a reading of 3.5% is expected compared with -5.2% for January. S&P Case-Shiller HPI for January will...
Earl “The Pearl” Monroe and Walt “Clyde” Frazier will visit the New York Stock Exchange (NYSE) to highlight the Crown Heights Youth Collective.
About the Crown Heights Youth Collective, Inc.
The Crown Heights Youth Collective, Inc. (CHYC) serves the diverse communities of Crown Heights. Because of the rampant crime and truancy within the Crown Heights community; there has been a need for a comprehensive youth program. During the past 30 years CHYC has served more than 100,000 young people through youth outreach. With our unique hands-on approach, we meet the youth wherever they are; whether it is the playground, schoolroom, or street corner.
By initiating youth outreach programs, the Crown Heights Youth Collective is encouraging young people to re-focus. From this...
Stocks ended lower as investors looked overseas to Cyprus which has come to a deal to avert the country’s financial crisis. The agreement includes a levy on uninsured deposits over 100,000 euros in the country’s second largest bank, Laiki. The deal is expected to supply 4.2 billion euros toward the bailout package.
The Chicago Fed National Activity Index is up to 0.44 in February vs. a revised minus 0.49 in January. Production leads the gain, followed by employment and by sales/orders/inventories.
According to the Dallas Fed Manufacturing Survey, Texas activity increased in March from 6.2 to 9.9. Overall, perceptions of broader business improved, while labor market indicators remained mixed.
From The Trading Floor: Equities are trading in positive territory this morning after an overnight deal was reached to bailout Cyprus. The S&P 500 is within reach of it’s all time high of 1565.15
A Cyprus bailout deal was reached overnight. The deal provides EUR10 billion in financing for Cyprus but also includes shutting down the country's second-largest bank, Cyprus Popular Bank PCL, and downsizing the largest bank, Bank of Cyprus, and imposing losses on deposits of more than EUR100,000.
January Chicago Fed Midwest Manufacturing Index rose 0.44 in Feb from -0.49 in Jan
Dallas Fed manufacturing activity index is out at 10:30
For technicals today resistance is looking like 1562/1565. Support looks like 1551/1554