Signs of Economic Strength
The market is getting a nice bounce in early trading. Oil prices are back above $63, which is helping many of the energy stocks. But unit labor costs were revised lower, which is easing some inflation worries.
The ISM services index came in stronger than expected (58.9 vs. 57.1). This has bond yields rising a it from recent lows, sitting at 4.45%.
Tech stocks are leading the way so far, with the SOXX +1.1%. Housing stocks are also doing well after TOL reported earnings. Brokers are flat after yesterdays nice bounce.
In other news and notes:
- Asian markets mixed in overnight trading
- AZO beats EPS; stock higher
- Wachovia upgrades health care REITs
- SIRI lowers subscriber guidance
- Oppenheimer upgrades AQNT to Buy
- Hambrecht positive on NAND flash market in '07
- TWP raises estimates for UARM
- QCOM up on news it will enter laptop connectivity mkt
- UBS checks show strong iPod sales into year-end
- SBUX up on UBS upgrade
- RSH up on LBO takeout chatter
- DRCT +25% on news of sale