March 20th 2014 – Markets Shake off Yellen’s Rate Comments to Close Higher

U.S. stocks climbed today as reports on U.S. leading indicators and regional manufacturing spurred optimism the nation’s economy would strengthen after first-quarter weakness, helping offset concerns that interest rates could climb quicker than had been anticipated.

Data released Thursday had the count of Americans filing for jobless benefits rising by 5,000 to 320,000 last week, less than the 325,000 estimated by economists polled by Reuters. The four-week moving average for new claims, viewed as a better gauge overall of labour conditions, dropped 3,500 to 327,000, the lowest since November.

Other reports had existing-home sales for February falling to 4.60 million compared to a 4.66 million estimate. Leading indicators rose 0.5 percent in February, versus estimates of a 0.4 percent rise, and the Philadelphia Fed’s manufacturing gauge climbed to 9.0 in March from negative 6.3 the previous month.

News Sources:  CNBC and CNN Money

My Market View:

Well so far my prediction of market calm after yesterday’s unnecessary dip has panned out.  I very much doubt we will see much by way of a move up or down tomorrow.  It is Quadruple witching day, which means it is the expiry day for the entire options world, from futures to equity options.  There tends not to me much of a move on these days in my experience.