Markets were little changed although advancers beat decliners by 40%, economic data continues weak. The AP story says it well:
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The Philadelphia Federal Reserve's February manufacturing index was much lower than expected. Meanwhile, the Conference Board's gauge of leading economic indicators for January, used to predict which direction the economy is headed, posted its fourth straight drop.
Investors had hoped the data would upbeat enough to reassure them that the economy isn't falling into recession, yet still show enough weakness to motivate the Federal Reserve to implement further rate cuts when it meets March 18.
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JC Penney (JCP) reported earnings ahead of analysts forecasts, good enough to send the stock up 1.77. However sales were weak, same store sales fell 2.3% in the qtr as demand for higher priced items fell. In this kind of environment, commodities are doing well. Oil, at near record levels, pulled back to 99 but gold reached another record, 944. The Treasury bond is down in recent weeks sending the yield up to 3.82% (40 basis points higher than last month).
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