This morning, the S&P 500 Index e-mini futures (ES-M3) are trading higher by 5.50 points to $1582.00 per contract. There are a couple of reasons for the early strength in the market before the opening bell. The first reason for the small rally is due to the results of the recent Italian elections. The FTSE MIB Index (Italian stock index) is trading higher by 1.4 percent today. Anytime the Italian and Spanish stock market rally it will usually spill over to the U.S. markets before the opening bell. The second catalyst for higher stock prices comes as the Federal Reserve mouthpiece Jon Hilsenrath is out saying that the central bank will keep the printing presses running due to low inflation. The Federal Open Market Committee (FOMC) begins a two day meeting tomorrow. In this meeting, Ben Bernanke is expected to keep things just the way they are when it comes to economic policy.
The U.S. Dollar Index futures (DX-M3) are falling lower before the opening bell. When the U.S. Dollar Index declines it will usually help to inflate many of the base and industrial metal stocks. Traders should look for early strength in stocks such as Rio Tinto PLC (NYSE:RIO), Vale S.A. ADR (NYSE:VALE), BHP Billiton Ltd (NYSE:BHP), and Southern Copper Corp (NYSE:SCCO).
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Markets Higher As The Fed Vows To Keep Their Foot On The Gas
Published 04/29/2013, 11:11 AM
Updated 07/09/2023, 06:31 AM
Markets Higher As The Fed Vows To Keep Their Foot On The Gas
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