Despite yesterday’s news that housing starts fell nearly 6% in February (led by weakness in multi-family starts), stock markets managed to move upwards yesterday and this morning that upward trend continues. Sentiment was in part bolstered from the language of the FOMC statement, wherein the central bank said it would maintain "low levels of the federal funds rate for an extended period" and the "labor market was stabilizing". Two hours before the opening bell, Dow futures are up 30 points to 10,654 and S&P 500 futures are 3.75 points higher at 1,158.50. With equities up, the US dollar is looking weaker. Meantime, the Euro rose overnight and the pound was the top performing currency. Commodities are also heading upwards with WTI crude oil 79 cents higher at $82...(read more)

Comments are closed.