U.S. futures are mixed this morning, as investors lack conviction following yesterday’s sell-off. Stocks slumped Tuesday as Treasury Secretary Tim Geithner’s bank rescue plan lacked details and failed to reassure investors. The Dow dropped 4.6% and the S&P 500 tumbled 4.9%.
Banks will be in focus again today as the CEOs of eight major institutions testify about the Treasury rescue plan before a House committee. Separately, the Senate approved their version of an $838 billion stimulus bill. Senior White House aides will be meeting to reconcile the Senate and House versions.
The December Trade Balance report showed a narrowing in the deficit to -$39.9B from a downwardly revised -$41.6 billion in November. The improvement was driven by a $10.2 billion drop in imports that was partly offset by an $8.5 billion drop in exports. The headline number looks good, the report overall shows global trade is contracting.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
