Can Bulls Stampede Over Debt Ceiling Debate and Fiscal Cliff 2?
U.S. ETFs and stocks stay stuck in the mud on Wednesday.
Financial earnings and economic reports failed to excite investors on Wednesday as major U.S. ETFs and stock indexes traded sideways for another day.
Major markets and their ETFs remain just below significant resistance levels after the recent rally and now need to break through current levels to confirm and continue the uptrend.
For the day, the Dow Jones Industrial Average (NYSEARCA:DIA) lost 0.17%, the S&P 500 (NYSEARCA:SPY) rose 0.02%, the Nasdaq 100 (NYSEARCA:QQQ) climbed 0.43% and the Russell 2000 (NYSEARCA:IWM) fell 0.26%.
All of this took place in a low volume, generally lackluster day on Wall Street.
In earnings, JP Morgan beat estimates with its fourth quarter earnings report and Goldman Sachs reported positive earnings news, as well.
Economic reports were mixed with December industrial production beating expectations but still below November’s reading, the home builder’s index was flat and the Fed’s Beige Book of Manufacturing activity was mixed with three Fed regions showing a drop in factory output.
Tomorrow brings economic reports including weekly jobless claims, housing starts and the Philadelphia Federal Reserve report…