US open: Stocks slightly in the blue ahead of Bernanke
May 22, 2013
Wall Street has begun slightly higher this morning.
That comes ahead of testimony by US Federal Reserve President, Ben S.Bernanke, before the Joint Economic Committee of Congress at 10:00 AM in Washington D.C..
Acting as a backdrop, New York Federal Reserve President Charles Dudley told Bloomberg TV on Wednesday morning that it may take the central bank between three and four months to determine whether the economy can accommodate a tapering in its quantitative easing.
No less relevant, there is quite a bit of 'market-chatter' regarding the need for more forceful policy action in the Eurozone. In a related theme, some observers have called attention to the recent rise in Japanese bond yields and the potential obstacle which they may pose for the government's reflation efforts.
Shares of Saks are rocketing by 17% after Bloomberg News reported that the company has hired Goldman Sachs to explore its strategic options, according to two people with knowledge of the matter.
Luxury-home builder Toll Brothers said fiscal second-quarter earnings increased by more than expected alongside a rise in the company's revenue.
The latest quarterly results out of the likes of Staples and Lowes have come in lower than forecast, as has guidance from retail chain Target.
Existing home sales figures will be released at 15:00 PM.
Front month West Texas crude futures are now down by 0.864 dollars to the 102.99 dollar mark on the NYMEX.
10 year US Treasury yields are now flat at 1.92%.