Today's main focus will be the president's speech before Congress tonight. As the main stock indices have shown, investors have been very optimistic and forgiving towards the president, betting that he will come through with sound specifics on some of his key economic proposals tonight. Stock prices could well take off again tomorrow if he does, yet have plenty of downside potential should he be less than impressive.
Foreign markets are of course closely watching the same things Americans are, and they were quiet in front of the speech. Asian markets were mostly slightly higher, as were European markets -- the STOXX 600 gained 0.19%.
There was some other news: consumer confidence reached its best level in 15 years. Also, Chicago manufacturing was the highest in two years. At the closing bell, the dollar was essentially unchanged, as was crude oil. Bonds snoozed, the 10-year not yielding the same 2.36% it ... Log in or subscribe to continue reading.