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US stock market, economy and companies update (March 05, 2013)

Contributed by Trade The News

- There was much hoopla this morning as the DJIA rose above 14,198.10, the intraday all-time high from October 2007. If the Dow manages to sustain its gains, it could set a new record closing high, above the 14,164.53 high seen back 2007. For the session, DJIA is +1.04%, the S&P500 is +1.07% and the Nasdaq is +1.21%.

- The US February ISM non-manufacturing composite was very good at 56, beating expectations and hitting the highest point since last February. The ISM commented that the majority of respondents' comments reflect a growing optimism about the trend of the economy and overall business conditions.

- There was some choppy trading in EUR/USD overnight, making several unsuccessful attempts to take out 1.3030 as comforting European Feb PMI services data came down the tape. The UK Feb hit its highest level since last September, providing some relief for sterling after last week's dire-sounding Feb manufacturing PMI data. GBP/USD spiked toward 1.52, but was back around 1.5130 during the US session.

- Yesterday a New York court dismissed a Bank of America/SocGen lawsuit against MBIA seeking to overturn 2009 restructuring effort; shares of MBI are up nearly 30% over the last three sessions. Other mortgage insurance firms are riding coattails, with MTG up nearly 60% over recent sessions. GNW is up 8% this morning.

- JC Penney is down 7% this morning after the firm said it would sell 10M common shares for a selling shareholder. Vornado rumored as the seller of the shares, which would be just under half its stake in the retailer. The shares are also off on negative analyst comments.

- Walgreen is off 3% or so on weak February comps and some negative analyst commentary.

- Shares of Boyd selling off after their big run up ahead of and after earnings. BYD is -5.5% today.

***Looking Ahead***
- 11:30 (US) Treasury to sell $45B in 4-Week Bills
- 11:30 (US) Treasury to sell $25B in 52-Week Bills
- 14:00 (US) Fed's Lacker speaks on Monetary Policy in Washington
- 16:30 (US) Weekly API Oil Inventory
- 19:30 (AU) Australia Q4 GDP Q/Q: 0.6%e v 0.5% prior; Y/Y: 3.0%e v 3.1% prior


***Economic Data***
- (CL) Chile Jan Economic Activity Index M/M: 0.1% v 1.2% prior; Y/Y: 6.7% v 4.7% prior
- (TR) Turkey Central Bank announces February Real Effective Exchange Rate 119.69 v 120.39 prior
- (US) Weekly ICSC Chain Store Sales w/e Mar 3rd w/w: +0.2%; y/y: +1.8%
- (BR) Brazil Feb PMI Services: 52.1 v 54.5 prior
- (US) Weekly Redbook Retail Sales w/e Mar 3rd: +2.2% y/y v 2.7% prior
- (MX) Mexico Feb Consumer Confidence: 95.5 v 98.9e
- (US) Mar IBD/TIPP Economic Optimism: 42.2 v 47.2e
- (US) Feb ISM Non-Manufacturing Composite: 55.0e v 55.0e