Stocks soared today although investors digested mixed economic reports and on-going concerns about the Cyprus bailout. The euro edged higher against the U.S. dollar but remained near four-month lows as there is continued trepidation over the rescue plan for Cyprus.
On the economic front, Durable Goods Orders moved up 5.7% as demand for transportation equipment bounced back.
Consumer Confidence index fell to 59.7 as Americans turned more pessimistic about economic possibilities in the short term. The decline is attributed to higher payroll taxes and higher gas prices.
New Home Sales declined 4.6% which followed a 13.1% advance in January. Sales are up 12.3% compared to a year ago.
The cold weather is keeping buyers away from spring seasonal items as the ICSC-Goldman’s Same Store Sales dropped 1.7%.
Representatives from Brookfield Mortgage Opportunity Income Fund will visit the New York Stock Exchange (NYSE) today to commemorate the Fund’s IPO and first day of trading on the NYSE under the ticker symbol, “BOI.” To celebrate the occasion, Managing Director Michelle Russell-Dowe and Director Brian Hurley will ring the NYSE Closing Bell®.
About Brookfield Mortgage Opportunity Income Fund:
The Fund's investment objective is to provide high total investment return by providing a high level of current income and the potential for capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in Mortgage-Related Investments. Under normal market conditions, as a principal strategy, at least 80% of the Fund's Managed Assets will be invested in Mortgage-Related Investments (the "80...
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...