Economic Journal - Wednesday, 2/22/2017Submitted by Miller Financial Group, LLC on February 22nd, 2017
The Dow Jones Industrial average closed on Tuesday at a record level for the eighth consecutive session. When the cash market opened on Wednesday it appeared that the streak would come to an end but in the last hour, the Dow has rallied and is currently hovering at a breakeven level. Both the S&P500 and the Nasdaq are relatively flat as the trading day gets started. The release of the minutes of the latest Federal Reserve meeting will be the focus of attention today. That release is slated for 2pm EST. Investors will be looking for clues regarding the timing of the next interest rate increase. Most experts are predicting a rate increase at the March meeting and several Fed officials have hinted at the possibility of three hikes this year. The only economic report scheduled today was a report on existing home sales. The report revealed that previously owned homes sales reached a 10 year high in the month of January. This is impressive considering buyers were faced with higher mortgage rates and a leaner supply. Most regions of the country experienced increases in January with the exception being the Midwest where sales dropped 1.5%. There are no notable companies reporting earnings today. Tesla Inc., Square Inc., Fitbit Inc. and HP Inc. are all slated to report after today’s close. Oil is retreating today after a run-up the past several days. In the early going, oil is down nearly 1.5%. Most indices in Europe are in the red while results in Asia are mostly positive.