Markets Poised For Us Housing Data
The S&P 500 is likely to mark its first weekly gains in three weeks though a significant gauge of the U.S. economic temperature is likely to impact that index as well the two others
Saturday, May 24, 2014 - 00:00
As the US Department of Commerce prepares to release data about the housing market this morning, the three indices were minimally changed. Prospects and anticipation are high that the data in the report will further support the notion that the US economy is growing stronger. Just after 10 a.m. in New York, the Nasdaq climbed 0.2%, a rise of 8.47 points to 4,162.75; the S&P 500 increased 0.22%, a lift of 4.09 points to 1,896.64; and the Dow rose 0.24%, a climb of 40.52 points to 16,583.6.A Bloomberg-administered survey of economists and analysts indicated that newly built homes climbed to 425,000 last month after having dropped to 384,000 in March. Such information is one gauge that the Fed uses to assess the temperature of the world's largest economy.
Minutes from the late-April meetings of the policy-making arm of the Fed revealed that members are pleased about the pace of growth in the US. They noted the economy is likely to continue growing and they expressed enthusiasm about the nation's labor market. Bond yields on notes issued by the US and Europe were climbing though earlier this week their direction was nebulous. But, at the same time, a certain scrutiny is training on the central bank of Europe.
ECB to hone in on interest rate discussion
Reuters reports the European Central Bank is likely to take a close look at interest rates when its policy makers convene. The June meeting is likely to include discussion about Germany, recognized as the region's strongest economic system. President Mario Draghi and his peers at the ECB have been clearly noting that one option they are likely to implement is a reduction to borrowing costs. They could also consider additional steps amid concern about economic issues. Results of the Ifo business climate index for this month were weaker than projected, which raises eyebrows due to the economic status of Germany. The business climate index dropped to its lowest rate thus far this year.
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