Wednesdays Market Recap:
Stocks closed the day mixed yesterday with the Dow and Russell 2000 gaining while the S&P and Nasdaq pulled back. Investors again listened to testimony for clues regarding the timing and scope of a rate rise but her comments yesterday offered no surprises. Sectors performance was similarly contrasted with half of the ten sectors closing positive and the other half closing negative. Consumer Discretionary stocks led the way, gaining .79% on the back of positive earnings reports from companies like Target (TGT) and Lowes (LOW). Treasuries also strengthened slightly, with 10 year yields closing the day at 1.968%.
Futures look to a positive open this morning as investors await a slew of economic reports. Inflation, jobless claims, and durable goods data come in at 8:30 followed by the housing price index at 9am. Inflation, in particular, is expected to have fallen last month due to the strong decline of gasoline prices though the drop is expected to be brief. Today’s earnings of note include retailers Kohl’s (KSS), JCPenney, (JCP), and Gap (GPS).
Don’t miss our President, Oliver Pursche, of Fox Business tonight at 6:00 PM when he joins Charles Payne on “Making Money”, and make sure to tune into Money Matters with Gary Goldberg this Sunday at 11 AM on WOR 710 AM Radio to hear our complete market and economic commentary. Gary’s guests this week are Nobel Prize winning Yale Economics Professor Robert J. Shiller and Doctor Kristine Gedroic. Visit our website www.ggfs.com for details.