Industrial Production Rose 0.2% in June

The stock market is up in early trading today. The S&P 500 has been as high as 1,983.94 which is just below its intra-day high of 1,985.59 from July 3. Yesterday we got as high as 1,982.52.

I don’t claim to be a technical analyst but chart readers pay attention to these “resistance levels.” If an index isn’t able to break through, that can be a negative sign. But the big news this week is earnings season. According to numbers from Bloomberg, the S&P 500 is expected to show an earnings increase of 4.5% for Q2, while sales are expected to rise by 3.1%.

On the economic front, the Federal Reserve reported that Industrial Production rose by 0.2% in June. They also revised the May number up to 0.5%. IP rose at an annualized rate of 5.5% during Q2, and Manufacturing Production increased at a 6.7% annualized clip.

The big news for our Buy List today will be eBay’s (EBAY) earnings which are due after the close. Wall Street expects 69 cents per share. Time Warner (TWX) is doing very well today after the company shot down a buyout offer from Rupert Murdoch (aka Twentieth Century Fox). He’s offering $85 per share for TWX which closed yesterday at $71.01. It’s been as high as $83.20 today.

Posted by on July 16th, 2014 at 9:59 am


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