After posting gains in early January, profit taking exerted downward pressure on markets at the beginning of this week. Fourth quarter results will begin to be released today, with Alcoa scheduled to release its results after markets close.
Fears surrounding the fiscal cliff and the impact of Hurricane Sandy will definitely have had a negative effect on the profitability of businesses. Analysts are forecasting growth in earnings of 2.8% for the S&P500. Higher-than-expected results would boost markets, as well as the Canadian dollar, which remains comfortably above parity.
On December 31, the U.S. debt officially reached the debt ceiling of 16.4 trillion and it is now up to Congress to approve the 12th raising of the ceiling since 2001. It is a safe bet that, once again, a last-minute agreement between Democrats and Republicans will save the U.S. government from finding itself in default.
The euro took a slight dip this morning, despite higher-than-forecast European consumer confidence data. In other news, the Japanese government has announced its intention to use foreign exchange reserves to purchase euros, which should continue exerting downward pressure on the yen. The yen has dropped 12.3% against the greenback since September 30. 
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Profit Taking Exerts Downward Pressure On Markets
Published 01/14/2013, 02:23 AM
Updated 05/14/2017, 06:45 AM
Profit Taking Exerts Downward Pressure On Markets
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