Markets ended the session little changed, and the major averages remain near 4-year highs, as a rally in financials and technology stocks kept markets buoyant despite investor concerns over Europe’s sovereign debt crisis.
Global markets struggled to stay in positive territory after the ECB downplayed earlier reports out of Germany that the central bank was considering setting interest rate limits for purchases of euro zone bonds. Market sentiment was further dampened after Germany’s central bank, the Bundesbank, reiterated its opposition to euro bond purchases.
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Markets advanced in a narrow range closing off the highs of the day as better than expected economic reports and upbeat corporate earnings kept the rally in equities alive. The Dow inched closer to four-year highs and the VIX dipped below 14 for the first time in five years.
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Ahead of the Bell: Dow futures are trading down 3 points and S&P futures are trading down 0.8 points following yesterday’s rally led by a jump in housing permits and supporting comments made by German Chancellor Angela Merkel. Merkel said declarations made by ECB President, Mario Draghi who recently outlined plans to purchase bonds of troubled euro zone governments, were “completely in line” with the ideals of European leaders and called for quick action. Top Fed officials, Charles Plosser and Esther George weighed in against further monetary policy action a
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Markets moved essentially sideways in another day of tight-ranged trading with stocks ending the day mixed during quiet news day as economic data largely drove investor sentiment.
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Markets bumped along in a narrow range today with stocks losing any earlier gains after early optimism over the encouraging retail sales report and better-than-expected economic news from the euro zone subsided. Experts note that without macro-economic headlines out of Europe and in the face of 5 weeks of upward moving markets with mediocre earnings on the profit side, save for positive cash flow, investors had little to hang their hats on.
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Markets bumped along in a narrow range today with stocks losing any earlier gains after early optimism over the encouraging retail sales report and better-than-expected economic news from the euro zone subsided. Experts note that without macro-economic headlines out of Europe and in the face of 5 weeks of upward moving markets with mediocre earnings on the profit side, save for positive cash flow, investors had little to hang their hats on.
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