Draghi Comments Drag Stocks Down (Bloomberg)
Warnings from European monetary policymakers, including European Central Bank President Mario Draghi, that the strength of the euro could get in the way of the region’s recovery, as well as disappointing earnings reports, led U.S. stocks down today, ending a two-day trend of gains. The S&P 500 now is in position for its first down week of 2013. “We’ve moved so far so fast that the market’s just looking for any kind of sign to take something off the table,” Mark Freeman, chief investment officer at Westwood Holdings Group Inc. in Dallas, said. “The market really needs a positive catalyst to take it higher.”
Natural Gas Down as Storm Approaches (CNBC)
Despite the Northeast’s impending snowstorm, its first major weather event of the year, natural gas prices fell almost 4% today. Part of the decline is due to weekly gas supplies being higher than expected. Also to blame are this winter’s above-average temperatures, though gas’ slide could turn around quickly, with the next two weeks forecast to be much colder.
U.S. January Deficit Likely below $2 Billion (Reuters)
According to the Congressional Budget Office, January’s budget deficit likely fell beneath $2 billion. This means the Treasury has plenty of room to maneuver around default after May 19’s debt limit extension expiration. Full details are expected to emerge from the Treasury on Feb. 12.
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