Economic Journal - Thursday, 2/23/2017Submitted by Miller Financial Group, LLC on February 23rd, 2017
Stocks opened modestly higher Thursday with the Dow and S&P500 touching all-time intraday highs early on in the session before pulling back slightly. If the Dow closes higher today, it would be the 10th consecutive record close for the blue chip index – something that hasn’t happened in nearly 30 years. Gains on Thursday are being fueled by a rebound in oil prices which has helped to lift major energy names. Crude oil rallied 2% at the open Thursday after a report from the American Petroleum Institute showed an 884,000 barrel decline in crude supplies last week. The economic calendar is light today. A report on jobless claims showed the number of people applying for unemployment benefits rose slightly last week, but still remained near historically low levels. International markets are quiet with most of Asia finishing the day down slightly, while European stocks are mixed. Gold prices are up today as are treasury prices as the 10 yr. yield dipped below 2.4%.