Looking Ahead to Wednesday's MarketAugust 7, 2012 @ 4:07 PM EST
Quick Recap of Monday’s Session:
Stocks finished higher on Tuesday, marking the S&P 500’s third consecutive session in positive territory. Sentiment was lifted early on following comments from Boston Fed President Eric Rosengren. In an interview with the NY Times, Rosengren said that he was in favor of the Fed engaging in more quantitative easing until it was satisfied with the direction of the economy. A report that Germany is behind the ECB bond buying program also helped stocks early on. Major indices opened higher and rallied throughout the morning, though lost some steam in the afternoon. Stocks finished well off of their intraday highs, but still in decidedly positive territory.
S&P 500 +0.51%, NASDAQ +0.83%, DJIA +0.39%, Midcaps +0.99%.
Looking Ahead to Wednesday:
- Overnight we get the following economic data from Germany: Current Account, Trade Balance, Imports, Exports, and Industrial Production.
- Before the bell here in the U.S. we get MBA Mortgage Applications, Productivity, and Unit Labor Costs.
- This week has been relatively quiet, though Rosengren’s interview on Tuesday did give stocks a spark. Wednesday doesn’t look to be particularly busy either, as there is little on the event / economic calendars. One thing worth noting is that the S&P 500 is hovering right around the 1400 mark, a level which it struggled with earlier in 2012. Some volatility at this price is to be expected.
S&P 500 - Intraday
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S&P 500 - Last 12 Months