Stocks look set to start the day little changed after a decent rally yesterday. Strong retail earnings helped spur yesterday’s advance. The S&P 500 Index jumped 1.2%, the Nasdaq gained 1.3%, and the Dow rose 1.0%.
Record low mortgage rates fed a burst of refinancing applications last week. The refinancing index rose jumped 17.1% to its highest level since May of last year. Purchase applications fell 3.4% and the overall composite rose 13.0%. There are no other economic readings scheduled today.
Looking at earnings, Target posted higher quarterly results, helped by higher sales, and Deere also reported stronger-than-expected earnings. Applied Materials, Limited Brands, and Pet Smart report after the bell. In other corporate news, mining giant BHP Billiton said it was taking its takeover offer for Potash directly to its shareholders. On Tuesday, Potash’s board rejected BHP’s $38.6 billion bid.
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