What’s Happening In The Market Now..
- Stocks moved higher at the open this morning after a report showed new unemployment claims dropped last week, then slid back in morning trading.
- The Federal Reserve, yesterday, said it would pump more than $1 trillion into the economy. The plans include the purchase of long-term Treasury bonds.
- The Labor Department said the number of initial requests for unemployment insurance dropped to a seasonally adjusted 646,000 from the previous week’s revised figure of 658,000, better than economists’ expectations.
- The House voted today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
- The dollar continued its weakening trend, as the euro spiked to a 10-week high and the U.S. currency sank to a three-week low against the yen.
- The dollar skid pushed the price of oil up sharply with oil heading over $50 a barrel, reaching the highest levels since December.
Gold hit $950+
- Sectors starting the day out strong include insurers, automakers, diversified metals & mining and aluminum while footwear, diversified banks, health care equipment and tobacco are down.
Stocks Most Watched Today
Schlumberger Ltd (SLB), Goldcorp Inc (GG), Childrens Place Retail Stores Inc (PLCE), Arcelor Mittal (MT), Deere and Co (DE), Penn West Energy Trust (PWE), Sterlite Industries Ltd (SLT), Alexandria Real Estate Equities Inc (ARE), Scotts Miracle Gro Company (SMG) and Donaldson Co (DCI)
Today’s News Leaders…
Petroleo Brasileiro (PBR), Goldcorp Inc (GG), Schlumberger Ltd (SLB), Fedex Corp (FDX) and ArcelorMittal ADR (MT)
Caterpillar Inc (CAT), Broadcom Corp (BRCM), Schlumberger Ltd (SLB), Bristol Myers Squibb Co (BMY) and Schering Plough (SGP)
ETFs and HOLDRs Watched Today…
Select Sector SPDR Energy Fund (XLE), iShares Trust FTSE Xinhua China Index Fund (FXI), iShares MSCI Brazil Index Fund (EWZ), Market Vectors Gold Miners (GDX) and Pharmaceutical HOLDRS (PPH)
Tip of the Day…
If you are a long term investor, don’t let the news of the day have to much influence. The fact that interest rates did or did not change may have a minimal effect on your portfolios long term performance.