Stocks are down slightly today despite gains overseas.
S&P 500 futures are fractionally lower, while most European markets are up by at least one-tenth of a percent. Spain’s IBEX index is standing out with a gain of almost 1 percent as buyers return following late-January pullback. Japan’s Nikkei also rallied 2 percent in the overnight session, continuing its recent uptrend. Chinese markets remain closed for the Lunar New Year.
Stocks rallied to long-term highs last month as long-term investors started shifting money out of bonds, while attention focused on strong corporate earnings and an improving global economy. The focus now shifts toward politics as finance ministers conclude a meeting in Brussels and the United States prepares for President Barack Obama’s State of the Union Address this evening.
— Option Monster