Markets sold off yesterday as tension rose in Korea, but world markets have since stabilized and U.S. futures point to a positive start.
There has already been a lot of economic data released today. Most importantly, the employment situation continues to show improvement as the number of people filing for unemployment benefits fell sharply last week. Initial claims fell to 407,000, which is down 34,000 week-over-week and well below the 442,000 that was expected. This is also the lowest level since July 2008. There was also surprisingly good news for the housing sector, as mortgage applications rose to their highest level in six months. A separate report showed consumer spending rose for the fourth straight month, while inflation remained anemic. However, new orders for U.S. manufactured goods fell in October, but the prior month was revised higher. Reports on new home sales and consumer sentiment are still to come.
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