Market Update…
On Monday, the Dow Jones Industrial Average climbed back above the 12,000 level in intra-day trading, for the first time in a week, on news that AT&T would buy T-Mobile for $39 billion. The merger would make AT&T the nation’s largest wireless carrier.
Oil is also making news today. Crude for April delivery rose above $102 today as the U.N mandated air strikes on Libya caused supply concerns.
Uranium miners are up big today. In intra-day trading, CCJ is up 9.76%, URG is up 12.94%, DNN is up 10.34%, and URA is up 8.9%.
The U.S. Dollar also just broke a three trend line that could signal higher gold prices in the coming days. (See chart below.) Read more here.
Another Bad Housing Report…
The National Association of Realtors reported this morning that existing home sales fell 9.6% last month. Home prices are now at their lowest level in nine years. Analysts are hopeful that home sales will pick up in the spring buying season.
Also In The News…
1. After eight weeks of being closed, Egypt’s stock market is slated to re-open this Wednesday.
2. Citibank (NYSE: C) announced that it will shrink its number of shares with a reverse 10-1 stock split. In addition, it will resume its dividend payouts in the second quarter at 1 cent per share.
3. The Supreme Court agreed with a earlier court opinion that the Federal Reserve must disclose details about its emergency lending programs to banks during the financial crisis in 2008.
4. According to a new poll, only 7% of U.S. investors believe the hype about “no inflation and a solid economic recovery…”
5. Here’s 8 stocks that Goldman Sachs says are a “buy” right now…
Finally…
Billionaire Warren Buffett is calling the Japan quake a “buying opportunity.” Why? Japanese stocks could greatly benefit from the inevitable rebuilding efforts. Read more here.
Until tomorrow,
Jerry Robinson – FTMDaily.com
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Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.
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