Breakfast Bites: Equities are trading well into positive levels as better than expected earnings highlighted by bell weathers CAT and MMM in addition to growth in Durable Goods orders and the Fed’s announcement from yesterday, have bolstered confidence in the economy
- Caterpillar, 3M and Netflix paced gains in equities after posting higher than forecast earnings
- Orders for durable goods increased 3%
- Initial jobless claims increased for the week ending 1/21 but remained below the psychological threshold number of 400,000 at 377,000
- The Federal Reserve said on Wednesday that interest rates were likely to remain at near zero until at least 2014. The Fed also took the unusual and historic step of setting an inflation target of 2 percent, when it released its economic forecast.
- Consumer Confidence in the U.S. steadied last week as fewer firings helped ease concern about higher gasoline prices
- Sales of new homes in December unexpectedly declined in December by -2.2%, the first time in 4 months.
- The index of leading indicators in the U.S. rose in December for a 3rd month indicating the world’s largest economy will keep growing in early 2012