6:00 AM CT
MBA Mortgage Index for 01/25 Prior 4.7%
9:30 AM CT
Crude Inventories for 01/25 Prior 0.990M
FOMC Rate Decision
Asian markets were higher in overnight trade. European markets were trading higher but have pared their gains and are trading mixed. This morning political pundits and market gurus will be evaluating the substance of last night's State of the Union Address to pick possible winners and losers. This afternoon Big Daddy will be making a policy announcement at the conclusion of the scheduled two day meeting. The Fed is expected to stay the course with the reductions in its bond buying program. Trade strong.
Yesterday the S&P managed to stop its three day slide, settling up +12.60 to close at 1788.30. The Nasdaq rose +14.35 to 4097.96 and the DJIA broke its five day decline settling up +90.68 at 15928.56. Before the open durable orders came in way under expectations at -4.3%. The Case Schiller Index came in at expectations showing that the housing market remains strong. It appears that investors were relieved as the flight from emerging markets abated and the currencies of some of the more troubled economies stabilized.