- Senate majority leader expects debt ceiling bill to pass today
- On the whole solid economic data releases

Dow Jones Industrial: 0.12%
Nasdaq Composite: 0.24%
S&P 500: 0.00%

The major US equity benchmarks have turned around to trade higher following some positive data surprises, such as today´s Chicago NAPM figures. As well, some observers seem unpeturbed by today´s weak unemployment claims data.

No less important, the leader of the Senate Democratic majority, Harry Reid, expects the upper chamber of Congress to vote tonight in favour of a temporary extension of the debt ceiling.

At first glance the results out of several corporate heavyweights, such as Sherwin Williams, Mastercard, Colgate, Dow Chemical and Whirlpool seem to have beat analysts´estimates.

But not so those of UPS or Aetna, or not at least in such a decisive manner.

Facebook is off sharply after announcing its fourth quarter results after last night´s close. JDS Uniphase, on the other other hand, is rocketing higher, by no less than 14% at one point.

Up-side surprise in Chicago NAPM

Initial weekly unemployment claims rose by 38,000 last week, to reach 368,000, well above the 335,000 expected by the consensus. Economists at Barclays Research, however, believe one needs to look through seasonal volatility.

As such, they point out how the four week moving average - which smooths out the week-to-week volatility - has come in at 352,000, a solid improvement on the figures seen at the same time last year.

Personal incomes rose at a 2.6% month-on-month pace in December, far above the 0.8% gain forecast by economists, albeit boosted by accelerated and special dividend payments to persons and by accelerated bonus payments and other irregular pay in private wages and salaries in anticipation of changes in individual income tax rates. Personal income in December was also boosted by lump-sum social security benefit payments.

Personal spending increased a tad less than expected.

The Chicago NAPM purchasing managers´ index for the month of January has come in at 55.6 after a reading of 50 points for December and expectations for an uptick to 51.

The sub-indices for new orders (to 58.2 from 50.4), employment (to 55 from 48.7) and inventories (to 58 from 46.8) all improved noticeably.

Crude futures off
Front month West Texas crude futures are now falling by 0.76% to the 97.18 dollar per barrel level in NYMEX trading.

10 year US Treasury yields are up by 1 basis points, to the 1.99% mark.



AB

Related share prices