Dow Industrials Extend Positive Streak to 9 Days
Today's financial recap and tomorrow's financial outlook.
Chinese indices were weaker on concern that the Chinese government would have to tighten policies as real estate speculation begins to spiral out of control. The Shanghai Composite fell 0.99% in overnight trade.
The first reopening of the 10-year Treasury saw increased demand as the auction stopped through 2bp from the when-issued note, indicating heavy demand. The increased demand was due to a lack of supply and heavy shorts in the 10-year.
BlackBerry (BBRY) announced that it had received an order for 1 million BlackBerry 10 models, the largest single order in the company's history. The stock spiked up about 8% as the deal would add as much as $600 million in cash to the company's coffers.
In non-financial news, the Vatican cardinals elected Cardinal Bergoglio as Pope Francis I, after three days of deliberations. Francis will be the first-ever pope from the Americas.
Tomorrow's Financial Outlook
Tomorrow is a lighter economic data day in the US. Weekly initial jobless claims are forecast to come in at its 4-week average of 350,000, higher than last week's 340,000, but still near its 5-year low. The US will also release the producer price index from February, expected to increase to an annual rate of 1.7% from January's 1.4%. The Treasury will also issue the first reopening of its 30-year bond.
On the global calendar is employment figures from Australia and the Swiss National Bank decision. Australia's unemployment rate is expected to increase to 5.5% from January's 5.4% and the SNB is expected to make no major changes. Spain will sell 2-,5-, and 10-year notes.
The major earnings reports to note are Aeropostale (ARO) and Ulta Salon (ULTA).
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