US Index Commentary – 22Feb

Posted: 23 Feb 2010, 7:08am (STOCK INDICES)


The Dow edged slightly higher on Friday as traders felt that the rise in discount rates showed that the Fed believed that the economy was improving and could sustain the move. On a relatively quiet day on the economic front, traders will be looking to the currency markets for direction on sentiment over the discount rate hike, and will be preparing themselves for the Bernanke testimony on Wednesday and Thursday.

Schlumberger, the world’s largest oil services group, has agreed a $12.4bn takeover of the UK’s Smiths Group.

The Senate has asked regulators to explain why they permitted Glaxo Smithkline to proceed with their trails of Avandia despite being aware that it had a higher risk of causing heart attacks.

Ahead of the bell, Lowe’s posted better than expected Q4 profits.

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