Stocks soared today as investors noted positive earnings and looked to Ben Bernanke’s support of the Federal Reserve’s easy monetary policy. Bernanke also noted that the unemployment rate won’t reach the 6% level until 2016.
On the economic front, mortgage applications for home purchases are down 5.0% which is not a positive indication for underlying home sales.
New factory orders for durables in January moved back down 5.2%, following a spike of 3.7% in December. Transportation was the component behind the drop.
The number of contracts signed to purchase an existing home jumped 4.5% to 105.9. Available homes on the market are scarce and sales are draining the current inventory.
ConocoPhillips (NYSE: COP), led by Chairman and CEO Ryan Lance and members of the company’s leadership team, will visit the New York Stock Exchange and ring The Closing Bell.
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 30 countries, $58 billion in annual revenue, $117 billion of total assets and approximately 16,900 employees as of Dec. 31, 2012. Production from continuing operations averaged 1,527 MBOED in 2012 and proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to www.conocophillips.com.
On Wednesday, February 27 Wall Street Rocks will visit the New York Stock Exchange trading floor and ring The Opening Bell with key supporter Morgan Stanley. Stephen Daffron, Global Head of Operations, Technology and Data at Morgan Stanley, and James Macedonio, Executive Director at Morgan Stanley and Wall Street Rocks Co-Founder, will lead the bell ringing ceremony.
About Wall Street Rocks:
Wall Street Rocks is a non-profit organization comprised of members of the financial, technology and entertainment communities that have banded together to support American war heroes and first responders. Members of the United States Armed Forces and first responders risk their lives everyday to protect the rights of American citizens. Wall Street Rocks recognizes that now is the time to pay homage and give back to these...
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