Quantcast
Channel: Acorn Wealth Corp. » Fed
Viewing all articles
Browse latest Browse all 2

ISM pulls back after February’s six-year high

0
0

Good morning everyone! Another unimpressive start to the session here as the indices are basically tiptoeing along on what looks like thin ice. The DOW is currently up 1 point to 12,401 after putting in an early session low at 12,355 and just coming off of highs in the last 20 minutes. The S&P is also up a point to 1,334 with the NASDAQ taking the lead, up 8 points to 2,798 this morning. Gold has tacked on a ten-dollar bill up to $1,443 with Sweet Crude taking a dip to the red side, with futures currently off $0.24 to $108.24. Don’t expect that slight drop to be priced in at the pump any time soon.

The ISM services-sector gauge lost a few percentage points for March dropping to 57.3%. This was not much lower than expected as the figure for February came in at the highest level in about six years. According to the Institute for Supply Management, any figure over the 50% mark is indicative that firms are expanding more than contracting. The Fed Minutes will be out in a few hours at 2:00pm.

The House Budget Committee Chairman Paul Ryan released the Republican’s blueprint fiscal budget for 2012 that presents a plan to increase spending cuts, replace Obama’s health-care law and allow new Medicare beneficiaries to choose plans from private vendors. Citing that the plan will create jobs immediately and help stop the government from spending money it does not have, proponents of the plan have referred to it as the “Path to Prosperity”. We’ll see where this heads over the next few months but the nuts and bolts call for a $6.2 trillion government spending cut over the next 10 years. Good luck with that.

Check back in a few hours for mid-day updates and happy trading!


Viewing all articles
Browse latest Browse all 2

Latest Images

Trending Articles





Latest Images