Following a three-day Presidents Day holiday weekend, bullish momentum reemerged on Wall Street on Tuesday as continued reports of corporate deal-making bolstered investor confidence. To start off the week, shares of OfficeMax (OMX) and OfficeDepot (ODP) rallied after news that the two companies are reportedly in advanced talks to merge in a stock-for-stock deal hit the Street. The M&A euphoria quickly faded, however, after the minutes from the most recent FOMC meeting were released [see Visual History Of The S&P 500]. The Fed announced that it will continue purchasing $85 billion a month of mortgage-backed and Treasury securities, as they feel the larger economic landscape still possesses several red flags. Elsewhere on the economic front, the German ZEW survey’s economic expectations index for February came in better than expected, while new residential construction slipped more than expected in January. However, the number of new building permits rose to the highest level since June of 2008 [see 3 Economic Charts [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: Stocks End Lower After Fed Minutes Which S&P ETF Style Is Right For You Daily ETF Roundup: Stocks Close Higher On More M&A Deals Daily ETF Roundup: Stocks End Mixed, S&P Posts Seventh Weekly Gain Daily ETF Roundup: Stocks Little Changed Despite M&A Activity
Following a three-day Presidents Day holiday weekend, bullish momentum reemerged on Wall Street on Tuesday as continued reports of corporate deal-making bolstered investor confidence. To start off the week, shares of OfficeMax (OMX) and OfficeDepot (ODP) rallied after news that the two companies are reportedly in advanced talks to merge in a stock-for-stock deal hit the Street. The M&A euphoria quickly faded, however, after the minutes from the most recent FOMC meeting were released [see Visual History Of The S&P 500]. The Fed announced that it will continue purchasing $85 billion a month of mortgage-backed and Treasury securities, as they feel the larger economic landscape still possesses several red flags. Elsewhere on the economic front, the German ZEW survey’s economic expectations index for February came in better than expected, while new residential construction slipped more than expected in January. However, the number of new building permits rose to the highest level since June of 2008 [see 3 Economic Charts [...]
Click here to read the original article on ETFdb.com.
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