US markets are looking to extend gains into a third day as investors were becoming more optimistic about earnings season. Investors were shrugging off poor results out of Morgan Stanley and were instead looking at beats in several tech companies.
A quick snapshot of the major indices has the Dow up .4%, the Nasdaq .7% and the S&P .5%.
The Fed Chairman wrapped his congressional testimony yesterday and barring any dramatic event, the likelihood of a renewed QE program looks dim before the presidential election. The Fed did say it stood ready to use any tools at its disposal to help with fight against any economic downturn.
The Eu saga continued overnight with a Spanish bond auction seeing lackluster demand. Yields also approached the 7% level. A Parliament vote in Germany is expected to pass the Spanish bailout measure later today.
Commodities are following the overall market higher this morning. Oil has firmly regained its footing above $90 per barrel. Nymex crude futures are up $1.37 to $91.24 as middle east tensions ratchet up once again.
Gold prices are also edging higher with gold futures up over $15 to $1588.20 per ounce. [Read more...]
