Written by Gary
Opening Market Commentary For 04-29-2014
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U.S. stocks opened higher on Tuesday, as investors eyed the release of upcoming U.S. consumer confidence data, as well as the Federal Reserve’s monthly policy statement due on Wednesday.
During early U.S. trade, the Dow 30 gained 0.48%, the S&P 500 climbed 0.45%, while the NASDAQ Composite advanced 0.48%. Earlier Tuesday, Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 12.9% in February from a year earlier, compared to forecasts for a 13% gain and following a rise of 13.2% in January. Month-on-month, U.S. home prices were little changed in February after dipping 0.1% in the preceding month.
European stocks pushed higher on Tuesday, as investors continued to eye a highly anticipated inflation report due on Wednesday, as well as the Federal Reserve’s upcoming policy statement.
During European afternoon trade, the DJ Euro Stoxx 50 advanced 0.95%, France’s CAC 40 rose 0.42%, while Germany’s DAX jumped 1.13%. Official data earlier showed that Spains unemployment rate ticked up to 25.9% in the first quarter, from 25.7% in the fourth quarter of 2013, whose figure was revised from a previously estimated rate of 26.0%. Anlaysts had expected the unemployment rate to fall to 25.6% in the last quarter. Separately, an uptick in the euro zone’s inflation rate would ease pressure on the European Central Bank to implement additional monetary policy measures. Last month the annual rate of inflation in the euro zone slowed to 0.5%, the lowest since November 2009. The ECB targets an inflation rate of close to but just under 2%.The consensus forecast is for the euro zone inflation rate to rise to 0.8%.
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Written by Gary