Remember how yesterday stocks fell? Whew, glad that’s over.
But first, the scoreboard:
S&P 500: +8.41
And now the top stories:
- Yesterday was very strange. Stocks actually fell. We were unnerved.
- The good news though was that on Tuesday evening in the US, futures started levitating, seemingly out of nowhere. That followed through to Asia and to Europe, and by the time the pre-dawn hours rolled around in America, it was obvious that today was going to be a big “risk on” day that would be essentially underailable.
- Underailable was really the operative word. We got several economic reports that we’re pretty mediocre. Core PPI was pretty hot. Industrial production and capacity utilization were definitely not hot. And though housing starts spiked, it was only one category that provided a lift.
- Oh, and did we mention that turmoil continues to spread throughout the Middle East. Yemen, Bahrain, Libya and Iran all saw protests in some form or another. And then if that weren’t enough, there was this weird headline in the middle of the day about an Iranian warship going through the Suez Canal, freaking out the Israelis.
- And for a moment markets did react to that. Gold spiked. Oil spiked. Stocks dipped.
- And then that story disappeared. Most of those markets returned to normal.
- Following that, the only big event was the release of the Fed minutes, which saw some outlook hikes to the economy. That may or may not have given stocks a little afternoon lift. Not clear. The market didn’t seem to need it.
- Besides the good macro vibes, there were a few company-specific stories of interest. Dell surged after yesterday’s earnings. Supposedly sales of iPhone’s at Verizon are pretty ho-hum. Allstate is suing JPMorgan for mortgage backed security sales fraud.
- And that was that! BofA/ML came out with a big bullish report on tech. See it here >