From The Trading Desk: Aided by better than expected Manufacturing and Industrial Production numbers for February, the market is staging a bit of a reflex rally after 4 straight down days.
Empire State Manufacturing rises to 5.61 for March but fell short of the consensus 6.5 number.
Factory Production in the U.S. rose in February by 0.8%, the most in 6 months, indicating the industry is starting to recover from the severe winter
Total Industrial Production rose 0.6%, more than projected.
From The Trading Floor: Earnings disappointments are being weighed against largely better economic reports to put pressure on the indexes after the S&P closed at a new record the day before
The cost of living in the U.S. climbed in December by 0.3%, the most in 6 months led by gains in fuel and rents that indicate inflation is making progress in moving toward the Federal Reserve’s goal.
Jobless Claims decreased by 2000 to 326,000 in the week ending January 11th, the least since the end of November.
Stocks continued to climb today, sending the S&P 500 toward a new record high, as Federal Reserve policy makers gathered for a two-day policy meeting. The Federal Open Market Committee is widely expected by economists to lower its $85 billion of monthly bond purchases by $10 billion to $75 billion, while keeping rates close to zero. A statement with the FOMC's decision will be released tomorrow afternoon, followed by a Bernanke news conference.