Stocks ended lower today as investors waded through earnings and some upbeat economic data. The Federal Reserve said today that it will continue its $85 billion monthly bond buying and hold interest rates near zero until unemployment falls to at least 6.5%.
In economic news, the GDP came in surprisingly low (growth contracted by 0.1%)after the third quarter gain of 3.1%. The data indicates continued concern about the economy’s ability to absorb higher tax rates and government spending cuts.
According to MBA Purchase Applications Report, purchase applications fell 2% last week, but overall, are pointing stronger for underlying home sales.
Breakfast Bites: Equities are trading in mixed to negative territory this morning as a weaker than expected GDP number is fueling speculation that the Fed will continue its stimulus efforts
Companies took on 192,000 workers, more than forecast for January, a sign the labor market is continuing to expand.
The economy, in the US, unexpectedly shrank in the 4th quarter to -0.1%, restrained by the biggest plunge in defense spending in 40 years in addition to fewer exports and sluggish growth in company stockpiles.
At 2:15 p.m., the Federal Reserve is scheduled to release its statement on monetary policy.
Spain's recession intensified in the fourth quarter of 2012. GDP fell 1.8 percent from the previous year, worse than economists' estimates of a 1.7 percent drop
The European Commission's Economic Sentiment Indicator rose to a seven-month high of 89.2 in January from December's 87.8.
Executives and guests of Sugar Land, Texas-based CVR Refining, LP will visit the New York Stock Exchange (NYSE) to celebrate the company’s recent initial public offering. CVR Refining, LP began trading on the NYSE on January 17, 2013 under the ticker symbol “CVRR”.
To mark this occasion, Chief Executive Officer and President John "Jack" Lipinski, joined by members of the company’s executive management team, will ring the NYSE Opening Bell.
About CVR Refining, LP (NYSE: CVRR)
Headquartered in Sugar Land, Texas, CVR Refining, LP is an independent downstream energy limited partnership that owns refining and related logistics assets in the Midcontinent United States. CVR Refining’s subsidiaries operate a 115,000 barrel per day complex full coking medium-sour crude oil refinery...
Ahead of the Bell: Dow futures are trading down 5 points and S&P futures are trading down 2 points as the Dow flirts with the 14,000 mark following yesterday’s gains. The Federal Reserve will conclude its 2-day meeting today; investors are expecting the central bank to keep monetary policy on a steady path despite better than expected economic data as of late. However, controversy continues over when the bond-buying program should be curtailed. Market participants will also be looking ahead to key economic reports including the ADP employment change and Q4 GDP growth.
On the economic calendar today, the ADP employment report will be out before the market opens and 172K is expected, vs. 215K the month prior. Q4 GDP growth will also be out before the opening bell and a growth rate of 1.0% is forecasted.
The dollar is down against the major currencies. Gold is trading at...
Stocks ended in a split decision, as investors reacted to earnings and mixed economic news. The energy and pharmaceutical sectors took center stage as earnings from Valero, Pfizer and Eli Lilly were strong. U.S. Treasury prices were down and the dollar fell to a 14-month low against the euro. Investors are also bracing for the Federal Reserve’s announcement on monetary policy on Wednesday.
In economic news, the S&P/Case Schiller home price index for 20 metro areas rose 0.6 percent in November showing a continuing housing recovery.
Consumer Confidence is down 8.1 points to 58.6 as rising payroll taxes that were put into place as part of the fiscal cliff resolution are of concern to the consumer.