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Morning Market Roundup: Mixed Emotions

Feb. 13, 2013 9:54am Becket Adams

Here’s what’s shaking:

Stocks:

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Global stocks remain steady on Wednesday as corporate earnings reports sent mixed signals about the economy and trading in currency markets remained volatile.

By midday in Europe, Britain’s FTSE 100 was flat at 6,333.76 while Germany’s DAX was up 0.4 percent to 7,689.87. France’s CAC-40 was also unchanged at 3,685.1.

Wall Street appeared headed for a higher open, with futures in both the Dow and the broader S&P 500 rising 0.1 percent. On Tuesday, the Dow closed at its highest level since late 2007, just 150 points off its record of 14,164.53.

Earlier in Asia, Japan’s Nikkei index tumbled as the yen strengthened against the dollar following a pledge by finance ministers from the world’s seven major advanced economies to refrain from intentionally weakening their currencies. The Nikkei 225 dropped 1 percent to close at 11,251.41.

Oil:

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The price of oil moved up closer to $98 a barrel Wednesday, spurred on by a report indicating a fall in U.S. crude stockpiles.

By early afternoon in Europe, benchmark oil for March delivery was up 33 cents to $97.84 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, it rose 48 cents.

A report late Tuesday from the American Petroleum Institute showed a drop of 2.3 million barrels in U.S. crude stockpiles last week. If confirmed by data from the Energy Department’s Energy Information Administration to be released later Wednesday, it would be the first fall in crude supplies in over a month.

Brent crude, used to price international varieties of oil, was down 1 cent to $118.65 a barrel on the ICE Futures exchange in London.

Markets:

Follow Becket Adams (@BecketAdams) on Twitter

The Associated Press contributed to this report.

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Comments (5)

h20sue
Posted on February 13, 2013 at 10:46am
How in the living heck is this happening when gas is rising, food is too high, and we’re struggling to make ends meet? Is the stock market a reflection of how the average American is living? Something is desperately wrong with this. WRONG. Not to mention so many people are without health care, and those who have it, and been paying out of their butts for years, are told they can no longer be seen by their doctors. (because they will no longer be taking Medicare) WHY? OBAMA CARE HAS KICKED IN.
I don’t know how or why the stock market is booming, but it’s certainly not a reflection of what is happening to American’s. We’re barely able to make ends meet, living pay check to pay check, and being self employed, we rarely ever see our invoices paid on time. Most are 90 to 120 days late because businesses are struggling too! They are holding on to their money as long as possible, not caring about the small business man/woman, who depend on their paying their bills. It’s disgusting, and what’s worse, it’s been going on since Obama took office! This is even more disgusting because it means…”he hasn’t a clue what he’s doing, other then bringing this country to it’s knees,” and I’m truly convinced this is exactly what he set out to do from day one. He’s a monster with monster followers.

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woodyee
Posted on February 13, 2013 at 10:41am
You think this is news? Gaybama is planning on tacking a “carbon tax” on the Keystone Pipeline – what kind of precedence is THAT going to set?

Here – http://opinion.financialpost.com/2013/02/11/terence-corcoran-the-price-of-keystone-may-be-a-carbon-tax/

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civilwarcometh
Posted on February 13, 2013 at 10:20am
My cousins stock broker called him last Friday told him to sell everything that theirs a BIG crash coming. He said this would be the worst crash ever and that a lot of people are going to lose everything. He said he was afraid the dollar was going to crash… Told him to get some silver and gold…

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gyro
Posted on February 13, 2013 at 10:11am
Hi blaze any chance of you hiring Maria Bartiromo to do this every morning?

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jackact
Posted on February 13, 2013 at 10:07am
Wait, the stock market is …’emotional’?
We have maintained a zero percent job growth rate for over four years so the markets react accordingly.
We have lost our Standard & Poor credit rating, the markets react accordingly.
We have added 6 trillion dollars to our debt during the past four years and the markets react accordingly.
When Americans begin to understand that the stock market is now a global entity and not an American entity then less ‘adjectives’ can be used to describe it.
Yes, Obama’s one-world global economy is tankIng.
Because we are not DRILLING!

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