The major indices showed decent gains yesterday, despite a weak final 30 minutes of trading. Today futures look to give some of those gains back at the open, on mixed news.
Stocks are pressured this morning as auditors’ questions about GM’s sustainability and disappointment that the expected second stimulus plan from China did not materialize. Separately GE has been defending GE Capital’s financial position.
Wal-Mart posted a 5.1% increase in February same-store sales. This is good news for Wal-Mart, but also shows that consumers are more cost conscious. Also on a positive note, initial jobless claims came in slightly better than expected falling 31,000 to 639,000. Although the labor markets remain weak, it is refreshing to get better than expected numbers. We will get additional labor data with tomorrow’s employment situation report.
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