Tuesday, September 15, 2009
Picking Fights With China?
Stocks gained ground Monday with China giving traders pause for thought. The Dow added 21.39 points to a level of 9,626.80. The SPX rose 6.61 points to end on 1,049.34. We are in the green and looking ok.
The futures pointed to a lower open to start the week following news that the U.S. had placed tariffs on tires from China. Analysts point out that creating a riff with China, America's largest trading partner which also holds most US debt, isn't a good idea. President Obama announced the tariffs after unions stated that an influx of tires from China was hurting jobs in the U.S.
Ultimately this news was shrugged off after Obama spoke. The President spoke on the financial sector on the one year anniversary of the Lehman Brothers collapse. The President stated that government involvement in the markets is waning and that so far, tax payers had made a 17 percent return from the tax payer bailout.
We will get a good idea of how the economy is faring this week with several top tier reports on tap. This data will begin today when reports on retail sales, producer prices and manufacturing activity in the New York region will be released.
Until next time.
The futures pointed to a lower open to start the week following news that the U.S. had placed tariffs on tires from China. Analysts point out that creating a riff with China, America's largest trading partner which also holds most US debt, isn't a good idea. President Obama announced the tariffs after unions stated that an influx of tires from China was hurting jobs in the U.S.
Ultimately this news was shrugged off after Obama spoke. The President spoke on the financial sector on the one year anniversary of the Lehman Brothers collapse. The President stated that government involvement in the markets is waning and that so far, tax payers had made a 17 percent return from the tax payer bailout.
We will get a good idea of how the economy is faring this week with several top tier reports on tap. This data will begin today when reports on retail sales, producer prices and manufacturing activity in the New York region will be released.
Until next time.
# posted by Paul @ 6:57 AM 
