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US stock market, economy and companies update (March 14, 2013)

Contributed by Trade The News

- The DJIA has closed higher for nine consecutive sessions and is in the black this morning, while the S&P500 is only a few points away from its all-time closing high of 1,565. As of writing the DJIA is up 0.35%, the S&P500 is up 0.32% and the Nasdaq is up 0.29%.

- The weekly jobless claims numbers fell for a third straight week, while the four-week moving average for new claims saw new five-year lows. RealtyTrac's February foreclosure report showed that while foreclosure filings slightly rose on a sequential basis, they were down 25% from a year ago. Note that even as foreclosures trend lower, they remain far higher than pre-bubble levels.

- The constructive US economic data helped push the USD Index out to fresh seven-month highs and the EUR/USD pair to new four-month lows. Traders are watching the the 200-day moving average in EUR/USD at 1.2866. The dollar pulled back just ahead of the equity open and EUR/USD rose back to overnight highs. The GBP/USD pair made a big move back over 1.5000, to its best level since last week's US Feb jobless claims.

- The Fed's second disclosure of CCAR stress test data is scheduled for later this afternoon, after the close. Several more banks are likely to be authorized to return more capital to shareholders.

- The International Trade Commission (ITC) delay its final ruling on Samsung's accusations that Apple violated its patents until end of May. Samsung plans to unveil its new Galaxy S IV smartphone later today.

- E*Trade is in the red after its biggest investor, Citadel, said it would sell off its entire stake. Shares were down as much as 7% in the premarket but are only down about 5.8% in mid-morning trading.

- Amazon is down 2.7% after JPMorgan cut its rating to neutral from overweight.

- Men's Warehouse is up 16% after announcing that the firm would be reviewing options for its K&G unit and launching a new stock buyback. The firm's Q4 results were not inspiring.

***Looking Ahead***
- (EU) Summit of EU heads of state and government in Brussels begins 2-day meeting.
- (CH) Basel Committee meeting on capital rules for banks
- 11:00 (US) Fed to purchase $2.75-3.50B in Notes
- 12:30 (FR) French PM Ayrault speaks at Empire Club
- 13:00 (US) Treasury to sell $13B in 30-Year Bonds Reopening
- 16:30 (US) Fed releases comprehensive capital analysis and review
- 18:00 (CL) Chile Central Bank Interest Rate Decision: expected to leave the Nominal Overnight Rate Target unchanged at 5.00%


***Economic Data***
- (US) Q4 Current Account Balance: -$110.4B v -$112.5Be
- (US) Feb Producer Price Index M/M: 0.7% v 0.7%e; Y/Y: 1.7% v 1.8%e
- (US) Feb PPI Ex Food & Energy M/M: 0.2% v 0.1%e; Y/Y: 1.7% v 1.7%e
- (US) Initial Jobless Claims: 332K v 350KE (7-week low); Continuing Claims: 3.204M v 3.090Me
- (CA) Canada Q4 Capacity Utilization Rate: 80.7% v 80.7%e
- (CA) Canada Jan New Housing Price Index M/M: 0.1% v 0.1%e; Y/Y: 2.2% v 2.3%e
- (PL) Poland Jan Current Account: -€1.6B v -€1.5Be; Trade Balance: +€5M v -€423Me; Exports: €12.2B v €11.9Be; Imports: €12.5B v €12.4Be
- (PL) Poland Feb CPI M/M: 0.0% v 0.2%e; Y/Y: 1.3% v 1.5%e
- (PL) Poland Feb M3 Money Supply M/M: 0.8% v 0.5%e