Positive Economic Reports Boost Stocks

Stocks and commodities are climbing this morning, responding to some positive economic news.

Overnight the Reserve Bank of New Zealand held its benchmark interest rate at 2.25%. This morning, US durable goods orders, housing starts and building permits all beat expectations. US industrial production is due at 9:15 am EST.

US index futures are up 0.3% to 0.4% this morning, adding to yesterday’s positive finish. European trading finds the Dax up 0.7% and the FTSE up 1.0%.

In energy action, Crude Oil is rallying, up 2.50%, while Natural Gas continues to retreat, down 0.9%. Metals are also climbing today with Gold up 1.5%, Silver up 3.8% and Copper up 1.7%.  These gains come despite a headwind from a rising US Dollar, which has sent the Pound, Yen, Euro, Loonie down 0.1%-0.3%

Minutes from the last Fed meeting are due at 2:00 pm EST. Traders may look for hints about the future direction of US monetary policy, but that may change when the next Chair takes over in the spring.

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