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Despite Increasing Tensions in Ukraine, S&P 500 Makes New Record Highs
End of Day Roundup 02/27: Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

News reports early this morning that unidentified Russian and Ukrainian gunmen had captured two buildings in the Crimea prompted investors to move capital into safe government assets. German Bunds, UK Gilts, and US Treasuries all edged higher today. Due to weakness in the Russian ruble, the US dollar / Russian ruble FX cross (USDRUB) reached new highs for the second consecutive day. The Brazilian IBOVESPA (INDEXBVMF:IBOV) rose 2.16% in today's session, making it the top-performing index in the Americas. Last night, the Brazil Central Bank only raised its benchmark policy rate by 25bps, following six consecutive hikes of 50bps.

US equities meandered around unchanged in early trading and climbed steadily higher throughout the rest of the session, eventually closing at new record highs in the S&P 500 (INDEXSP:.INX). The benchmark index gained 0.49% today, closing above the prior record high of 1848.38. This was viewed as significant by many investors, as the S&P had tried and failed to close above this mark over the last two weeks.

Durable goods orders fell by 1.0% in January, less than the -1.7% decline expected by economists. The more closely watched index of durable goods orders ex-transports had a surprise increase of 1.1% in the month, better than the -0.3% expected. Capital goods shipments in the month dropped 0.8% in the month, causing some economists to revise their first-quarter GDP report estimates lower.

Struggling retailer JC Penney (NYSE:JCP) finally got some relief following its earning report last night. The company expects positive comparable sales in the first quarter of 2014 and noted an increasingly improving liquidity situation. The stock received a number of analyst upgrades today, which helped it rally 25.13%.

Tomorrow's Financial Outlook

Tomorrow morning the first revision of fourth-quarter US GDP will be released. Due to worsening exports in December and declining consumption growth, the initial estimate should be revised down to 2.5%, from 3.2%, annualized quarterly growth. Also due to be reported is the regional Chicago manufacturing index for February. The index, always closely followed by investors, is expected to decline to 56.4 from 59.6 in the month prior.

A large amount of Japanese economic data is scheduled to be reported this evening, including reports on January employment, January housing starts, the consumer price index, industrial production, retail sales, and preliminary February manufacturing. In addition, Germany's January retail sales, the February eurozone unemployment rate, and February eurozone consumer price index are scheduled for release.

Because tomorrow is Friday, there will not be many earning reports to follow. Iron Mountain (NYSE:IRM), Newcastle Investment (NYSE:NCT), Southwestern Energy (NYSE:SWN), 3D Systems (NYSE:DDD), and Liberty Media (NASDAQ:LMCA) are scheduled to report tomorrow morning.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Despite Increasing Tensions in Ukraine, S&P 500 Makes New Record Highs
End of Day Roundup 02/27: Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

News reports early this morning that unidentified Russian and Ukrainian gunmen had captured two buildings in the Crimea prompted investors to move capital into safe government assets. German Bunds, UK Gilts, and US Treasuries all edged higher today. Due to weakness in the Russian ruble, the US dollar / Russian ruble FX cross (USDRUB) reached new highs for the second consecutive day. The Brazilian IBOVESPA (INDEXBVMF:IBOV) rose 2.16% in today's session, making it the top-performing index in the Americas. Last night, the Brazil Central Bank only raised its benchmark policy rate by 25bps, following six consecutive hikes of 50bps.

US equities meandered around unchanged in early trading and climbed steadily higher throughout the rest of the session, eventually closing at new record highs in the S&P 500 (INDEXSP:.INX). The benchmark index gained 0.49% today, closing above the prior record high of 1848.38. This was viewed as significant by many investors, as the S&P had tried and failed to close above this mark over the last two weeks.

Durable goods orders fell by 1.0% in January, less than the -1.7% decline expected by economists. The more closely watched index of durable goods orders ex-transports had a surprise increase of 1.1% in the month, better than the -0.3% expected. Capital goods shipments in the month dropped 0.8% in the month, causing some economists to revise their first-quarter GDP report estimates lower.

Struggling retailer JC Penney (NYSE:JCP) finally got some relief following its earning report last night. The company expects positive comparable sales in the first quarter of 2014 and noted an increasingly improving liquidity situation. The stock received a number of analyst upgrades today, which helped it rally 25.13%.

Tomorrow's Financial Outlook

Tomorrow morning the first revision of fourth-quarter US GDP will be released. Due to worsening exports in December and declining consumption growth, the initial estimate should be revised down to 2.5%, from 3.2%, annualized quarterly growth. Also due to be reported is the regional Chicago manufacturing index for February. The index, always closely followed by investors, is expected to decline to 56.4 from 59.6 in the month prior.

A large amount of Japanese economic data is scheduled to be reported this evening, including reports on January employment, January housing starts, the consumer price index, industrial production, retail sales, and preliminary February manufacturing. In addition, Germany's January retail sales, the February eurozone unemployment rate, and February eurozone consumer price index are scheduled for release.

Because tomorrow is Friday, there will not be many earning reports to follow. Iron Mountain (NYSE:IRM), Newcastle Investment (NYSE:NCT), Southwestern Energy (NYSE:SWN), 3D Systems (NYSE:DDD), and Liberty Media (NASDAQ:LMCA) are scheduled to report tomorrow morning.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
Despite Increasing Tensions in Ukraine, S&P 500 Makes New Record Highs
End of Day Roundup 02/27: Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

News reports early this morning that unidentified Russian and Ukrainian gunmen had captured two buildings in the Crimea prompted investors to move capital into safe government assets. German Bunds, UK Gilts, and US Treasuries all edged higher today. Due to weakness in the Russian ruble, the US dollar / Russian ruble FX cross (USDRUB) reached new highs for the second consecutive day. The Brazilian IBOVESPA (INDEXBVMF:IBOV) rose 2.16% in today's session, making it the top-performing index in the Americas. Last night, the Brazil Central Bank only raised its benchmark policy rate by 25bps, following six consecutive hikes of 50bps.

US equities meandered around unchanged in early trading and climbed steadily higher throughout the rest of the session, eventually closing at new record highs in the S&P 500 (INDEXSP:.INX). The benchmark index gained 0.49% today, closing above the prior record high of 1848.38. This was viewed as significant by many investors, as the S&P had tried and failed to close above this mark over the last two weeks.

Durable goods orders fell by 1.0% in January, less than the -1.7% decline expected by economists. The more closely watched index of durable goods orders ex-transports had a surprise increase of 1.1% in the month, better than the -0.3% expected. Capital goods shipments in the month dropped 0.8% in the month, causing some economists to revise their first-quarter GDP report estimates lower.

Struggling retailer JC Penney (NYSE:JCP) finally got some relief following its earning report last night. The company expects positive comparable sales in the first quarter of 2014 and noted an increasingly improving liquidity situation. The stock received a number of analyst upgrades today, which helped it rally 25.13%.

Tomorrow's Financial Outlook

Tomorrow morning the first revision of fourth-quarter US GDP will be released. Due to worsening exports in December and declining consumption growth, the initial estimate should be revised down to 2.5%, from 3.2%, annualized quarterly growth. Also due to be reported is the regional Chicago manufacturing index for February. The index, always closely followed by investors, is expected to decline to 56.4 from 59.6 in the month prior.

A large amount of Japanese economic data is scheduled to be reported this evening, including reports on January employment, January housing starts, the consumer price index, industrial production, retail sales, and preliminary February manufacturing. In addition, Germany's January retail sales, the February eurozone unemployment rate, and February eurozone consumer price index are scheduled for release.

Because tomorrow is Friday, there will not be many earning reports to follow. Iron Mountain (NYSE:IRM), Newcastle Investment (NYSE:NCT), Southwestern Energy (NYSE:SWN), 3D Systems (NYSE:DDD), and Liberty Media (NASDAQ:LMCA) are scheduled to report tomorrow morning.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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