Another Record For The S&P 500

U.S. stocks mostly rose today, lifting the S&P 500 to another record, after data had jobless claims falling to a three-month low ahead of Friday’s monthly employment report.

U.S., weekly applications for jobless benefits declined to 323,000, the lowest in three months, while new orders for American factory goods fell in January.

Stocks wobbled but retained gains as President Obama held a nationally televised news conference to deliver a statement on Ukraine, saying a proposed Crimea referendum violates international law, and calling on Congress to support the International Monetary Fund’s capacity to lend to the nation.

The euro jumped against the dollar after the European Central Bank left interest rates unchanged, with ECB President Mario Draghi indicating the risk of deflation in the euro region had abated as new estimates pointed to inflation nearing targets by the end of 2016.

Crimea’s parliament on Thursday voted to join Russia and scheduled a referendum for March 16 on the move, escalating the standoff between Moscow and the West over the Ukrainian Black Sea peninsula.

In the U.S., the government reported jobless claims last week declined by 26,000 to 323,000. Another report had U.S. productivity rising 1.8 percent in the fourth quarter.

And, Challenger, Gray & Christmas reported its count of U.S. companies planning to cut staff fell in February, with the bulk of layoffs seen in the financial sector.

The government also reported a 0.7 percent decline in factory orders in January, slightly more than the consensus forecast for a 0.5 percent drop.

European markets ended higher after the European Central Bank voted to leave interest rates unchanged at its latest policy meeting. Asian markets all closed with gains.

News Sources:  CNBC and CNN Money

Friday:  8:30 a.m.: Employment report, 8:30 a.m.: International trade, 3:00 p.m.: Consumer credit

Market Update:

ECB helped the US market today by keeping rates the same.

The Ukraine situation is still unresolved, but thank goodness, talking is still ongoing rather than bullets flying.  So for now, still a sense of uneasy calm.

Tomorrow is all about the monthly jobs report.  I do not think this number whatever it will be will influence the market much.  The only thing that may happen is if it is a surprise to the upside that may cause a further rally.  But apart from that sideways as any bad news will just be blamed on the weather!