Stocks have reversed early losses and are climbing again after
Russia moved to annex Crimea this morning.
S&P 500 futures had been down modestly before the announcement
but rose about 0.5 percent on the news from Moscow, which suggests
that a resolution of the recent crisis may be near. Europe also
reversed course and is up by about 1 percent. Asia was mostly
higher overnight, led by a gain of almost 1 percent in Tokyo.
The S&P 500 climbed almost 1 percent yesterday, rebounding
after tensions in Ukraine abated. Attention now turns toward
economic and company news: housing starts and building permits at
8:30 a.m. ET, Oracle and Adobe earnings tonight, FedEx results
tomorrow morning and the Federal Reserve's interest-rate decision
Stocks have been steadily advancing for more than a year, fueled by
an improving economy, low interest rates, and large amounts of cash
on the sidelines. While the buying has been spread across all major
analysis tool shows strength in video-game makers, drugstores, oil
refiners, and energy-fracking companies.
Gold and silver miners, which rallied strongly off long-term lows,
appear to be losing momentum as precious metals weaken.
In company-specific news, drug developer Prosensa is surging 25
percent after announcing positive Phase II data on its compound for
the treatment of a Duchenne Muscular Dystrophy, a potentially fatal
genetic disease. Hertz Global and Yingli Green Energy may also be
active with quarterly results due today.
Commodities reflect a positive sentiment as economically sensitive
products such as oil, copper, and grains advance. Safe-haven gold
and silver are down about 1 percent. Currencies also paint a
bullish picture, with the euro and Australian dollar modestly
higher while the Japanese yen surrenders early gains.
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.