Feb 27, 2013

The market is up 25 having been up 40 first thing. Dow Jones was up 116 overnight. SFE Futures were up 29 this morning.

The Dow was up 134 at best on above average volume. Main drivers were good economic data, a testimony from the Fed chairman and the hung election in Italy. Fed chairman Ben Bernanke has said that he expects the quantitative easing asset purchase program to continue as indicated — that offset a European sell-off on uncertainty about the inconclusive Italian election result. The Italian MIB index was down 4.89%. Good US economic numbers — US consumer confidence was up from 58.4 to a three-month high of 69.6 in February. The Case-Shiller home price index was up 0.9% in December, while the FHFA home price measure was up 0.6%. Best sectors: basic materials (+1.1%), energy (+0.9%), consumer services (+0.8%) and telecoms (+0.8%).

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