Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Wednesday, the 2nd of January.
Stocks continue to see considerable strength after moving sharply higher at the open. The markets continue to benefit from a positive reaction to news of the last-minute fiscal cliff deal in Washington, but will it last?
The news about the fiscal cliff agreement has largely overshadowed a report from the Institute for Supply Management showing a rebound by manufacturing activity in the month of December.
The ISM said its purchasing managers index climbed to 50.7 in December from 49.5 in November, with a reading above 50 indicating an expansion by the manufacturing sector. Economists had expected the index to climb to 50.5.
A separate report from the Commerce Department showed an unexpected drop in construction spending in the month of November.
Let's see what the Trade Triangles say about the markets today.
Every Success,
Jeremy Lutz
......the newly printed money must somewhere go.Martin