Jan 31, 2014

Morning Market Report

A mixed day on the markets, despite encouraging news from the US.

The market is down 9.8 points. The Dow Jones was up 110 at 15,849 — rising from the day’s start, the market lost some momentum in the afternoon and traded in a 160 point range.

The market was initially supported by mostly strong economic data and positive earnings results. Fourth quarter GDP grew 3.2%, ahead of estimates of a 3.0% increase. But the weekly jobless claims rose 19,000 to 348,000, ahead of expectations of 328,000, and pending home sales fell 8.7%. Debate about the Fed continued, but combined with the strong GDP number, the view was positive. Analysts were happy that the Fed had “stuck with its original plan”, and remained focused on the economy and not distracted by the emerging market issues.

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