Wall Street Shrugs off Global Concerns to Bounce Back
U.S. stocks were little changed today, but the Nasdaq Composite derailed a four-session losing streak, as investors mulled the economic climate and tracked events in Ukraine. The recovery today came despite significant losses in Europe and Asia, where many indexes fell more than 1%.
Ukraine Prime Minister Arseniy Yatsenyuk met with President Obama at the White House as the administration looks for ways to head off the crisis in Ukraine, just days ahead of a scheduled referendum in Crimea to decide where it becomes a part of Russia.
In remarks prepared for his confirmation hearing Thursday before the Senate Banking Committee, Stanley Fischer, the nominee to be the Federal Reserve vice chairman, said the U.S. economy still requires central-bank accommodation even as the Fed tapers monthly asset purchases.
Thursday: 8:30 a.m.: Initial claims, 8:30 a.m.: Retail sales, 8:30 a.m.: Import prices, 10:00 a.m.: Business inventories, 10:00 a.m.: Senate Banking Fed nomination hearing, 10:30 a.m.: EIA natural gas storage, 1:00 p.m.: $13 billion 30-year Treasury auction
News Sources: CNBC and CNN Money
My Market View:
Nice recovery today, was looking like it was going to be a textbook multi-day rollover. The bulls are still showing clear strength here with no news driving this recovery.
I think we may go higher here, but we may be in a choppy holding pattern with further upside depending on the next FOMC meeting on March 18/19th.