President Barack Obama's $787 billion stimulus prevented another Great Depression while creating or preserving 2 million jobs, according to a White House report to be released on Wednesday.
My "favorite" political game of blaming Bush will be out in full effect. Fortunately, the markets don't care much about spin and so the latest round of Bush bashing will have no effects here. The equities had a big day yesterday. The Dow was up 169.67 and the S&P and Nasdaq had similar gains. The opening looks slightly positive at the bell. There's also some economic data to report. There was mixed housing news about a half hour ago.
U.S. housing starts rebounded more strongly than expected to their highest level in six months in January, while permits fell slightly less than forecast, pointing to a mild housing market recovery..
The Commerce Department said on Wednesday housing starts increased 2.8 percent to a seasonally adjusted annual rate of 591,000 units, reversing the prior month's weather-induced rop
Bonds are slightly worse this morning. The ten year U.S. Treasury bond is up three basis points to 3.69%. The yield spread between the two and ten year continues to expand is now up to 2.87%. The three month t bill is slightly worse to .091%. Crude oil is pushing toward $80 a barrel after gaining almost three bucks a barrel yesterday. It's currently at $77.09 a barrel. Gold had similar gains yesterday to $1120 an ounce. All of this was at the expense of the dollar and so we continue to have the inverse dollar/equity relationship.
The dollar is showing some strength today. It's up .45% against the Euro, up .14% against the British Pound and up .98% against the Japanese Yen. So, with equities also up this morning we have a chance to break that very dangerous relationship at least for one day.
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