Markets are broadly higher, but losing air, as industrial and manufacturing data this morning came in better than expected, with the Federal Reserve Board announcing industrial production rose 0.9% in January from February, above the 0.8% expected.
The Dow Industrials were up 27 points at 10,296, losing some steam from earlier in the morning. The S&P 500 was up 3 points at 1,097.
As David Rosenberg of Gluskin Sheff puts it in a note this morning, “Out of nowhere, an eerie calm has crept back into the global marketplace.”
Commodities, however, have lost ground even since Rosenberg printed his note, with futures for light sweet crude oil declining 4 cents to $76.97 per barrel for the March contract, and gold futures for March down $3.40 at $1,116 per ounce. The U.S. Oil Fund ETF (USO) is off 25 cents, or 0.7%, at $37.56. ExxonMobil (XOM) is down half a percent at $65.96.
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