ECB Says Don't Expect More Rate Hikes
The market got another boost at the open, sending the DOW to a new high. Oil is trading down below $63, and bond yields are steady at 4.48%.
ECB President Trichet said, after raising rates to 3.50%, that it would be "wrong" to conclude that it will raise rates further. The market had been pricing in a move to around 4.0%.
Financials are getting a nice bounce, while housing stocks are giving back a little of their recent gains. Industrials are mostly higher also, while other sectors look mixed.
In other news and notes:
- Monster Employment Index hits 175 in Nov.; new high
- JOSB beats earnings by a penny
- GOL lowers EPS guidance
- FBR thinks likelihood of Epo price cuts for AMGN is low
- BofA initiates ZUMZ at Buy ($41 tgt)
- LQDT reports earnings, stock down
- RIMM downgraded at Morgan Keegan
- Pru raises target on GS to $215
- Morgan says price competition hurting GRMN
- CREE lowes guidance for Q2
- ADI increases buyback by $1 billion
- Amtech adds QCOM to Focus List
- IR being mentioned in LBO chatter
long AMGN, GS, QCOM