Federal Reserve Board Chairman Ben Bernanke once again urged Congress to put U.S. fiscal policy on a sustainable path, warning Thursday that the nation risks the possibility of a sudden fiscal crisis unless action is taken.
Dow, S&P 500 tally biggest January point jump ever
Both the Dow Jones Industrial Average and the S&P 500 recorded their best percentage jump for the month of January since 1997. The Nasdaq Composite recorded its best January since 2001.
TTT comment : Luckily we were long equities throughout the month.
Banks set to double crisis loans from ECB
European banks are preparing to tap the European Central Bank’s emergency funding scheme for up to twice as much as the ECB supplied in its debut €489bn auction last month, providing further evidence of the sector’s liquidity squeeze.
Global ship glut fueling BDI plunge
The warning signs being flashed by the collapsing Baltic Dry Index (BDI), a leading global economic indicator, may reflect the folly of misguided expectations during the prior global economic boom, according to Hong Kong-based shipping analysts.
Fed pushes out low-rate pledge to late 2014
The Federal Reserve on Wednesday pledged to hold interest rates low until late 2014, a move that surprised markets and showed the central bank is still worried that economic growth is at risk of faltering.
Investors nervously await Fed rates forecasts
Federal Reserve policymakers are set to publish their first forecasts of future interest rates on Wednesday, but investors are nervous that such clarity may put pressure on the bond market and send yields higher.
NAHB home builder gauge climbs to 4.5-year high
A measure of builder confidence in the market for newly built single-family homes climbed in January to the highest level since June 2007, according to the National Association of Home Builders/Wells Fargo housing market index released Wednesday. The gauge rose 4 points to 25, the fourth consecutive rise.
U.S. industrial output rebounds in December
The output of the nation's factories, mines and utilities rebounded in December after struggling in November, the Federal Reserve said Wednesday. Industrial output rose 0.4% in December, in line with expectations.
European shares hit 5-month high
European share indexes broke though key technical levels to hit five-month highs in early trade on Tuesday, with miners among the biggest gainers after economic growth data from top metals user China topped forecasts.
J.P. Morgan Chase profit falls 23%
J.P. Morgan Chase & Co.’s fourth-quarter earnings fell 23% as revenue from its investment banking arm declined. As the first major bank to report for the fourth quarter, J.P. Morgan’s results offer a glimpse into what is largely expected to again be a bleak quarter for the nation’s largest financial institutions.
TTT comment : Watch the key financial sector. Despite all the bullish sentiment and market rally since early October, GS is still below $100.
