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U.S. stocks seemed set for a higher open Wednesday morning following President Obama's comments Tuesday evening and ahead of the release of some economic data today, including durable orders and new home sales. Speaking at a news conference Tuesday evening, President Barack Obama claimed early progress in his administration's attempts to improve the economy. He said that despite obstacles ahead, "we're moving in the right direction." Obama also toned down his criticism of bonuses to executives at bailed-out companies.
Also on Tuesday, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke sought broader powers to regulate and even take over financial goliaths. They said the situation at AIG demonstrated a need to regulate complex nonbank financial institutions just as banks are regulated. Meanwhile, the Federal Reserve will start purchasing long-term Treasuries today, in a $300 billion effort.
Overseas, world stocks were mixed Wednesday due to the weakness on Wall Street Tuesday. Affecting global markets was a record plunge-- nearly by half -- in Japanese exports in February, as well as the German business climate index, which slipped again in March.
As for oil, crude prices declined to just over $53 a barrel Wednesday along with global stock markets and on signs of building crude inventories. At 10:30 a.m. ET, weekly crude inventories are due out, a day after the American Petroleum Institute showed a build up of crude stock. Analysts expect a build up of 1.4 million barrels in commercial crude oil stocks in the U.S.
Economic releases today include February durable goods orders at 8:30 a.m. ET and at 10:00 a.m., February new home sales are due out.
Speeches are also due from Treasury Secretary Timothy Geithner, Cleveland Fed President Sandra Pianalto and San Francisco Fed President Janet Yellen will speak in early afternoon.
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Reader Comments (Page 1 of 1)
3-25-2009 @ 9:54AM
Sal said...
We keep hearing of early progress towards the right direction of a possible turn around. But we all know that you trillions of dollars takes time to get through the damage pipes of our economic system. We probably won't feel the affects of it till mid 2010-2011.
3-25-2009 @ 10:05AM
steve said...
All this talk about the economy getting back on track is good but it puts a real damper on something that people need. Its real estate. While housing prices in some areas of the U.S. need to come back, it also brings back the 2007/2008 prices. Now that everyone thinks that the economy is on the mend, rents and housing prices will start climbing again, making it virtually impossible for an average working family to buy. As I see it, the more the economy fails, the cheaper housing gets and will eventually bring people out to buy at an affordable price. Rents in Manhattan are finally low enough for people to eat also.
3-25-2009 @ 11:37AM
r. richard fusilier de la claire said...
Paying for drinkable water and for clean air. Whats needed is to sweep out the government, elect new HONEST legislators and Congressmen. maybe a la Fidel Castro style in the sweep and appoint new traditional Justices and Judges, elect qualified honest and truthful people in place of what wev now have and work the "works " put in place by Americans over the decades and enforce our laws! The bunch in there now, including Obama doesn't have an honest clue! AND the Attorney General should be elected by the people at large , not appointed!