The markets are up about .75% as Fed Chairman and Treasury Secretary Geitner are both speaking in Washington on the economy and monitary policy. While both men are cautious in their outlooks for economic growth, they've both expressed the notion that there is still signs of modest growth depsite dissapointing earnings and stubbornly high unemployment. Added to that, Leon Cooperman, who is one of the best money managers in the world has been speaking this morning at a conference and talked about how despite his concerns with the childish ways of our politicians in Washington, and the financial crisis in Europe, he is still positive on the slow growth prospects for our economy.
Other good news out this morning was that new housing starts grew at the fastest pace in three years last quarter, which shows that builders see a pick up in demand and confidence. Mortgage applications for last month also surged on refinancing and new purchases.
Bank of America reported earnings this morning and similar to Citigroups earnings earlier in the week, they beat overall consensus but the numbers were weak...while the banking industry continues to grow, they are still being held back by the overhang of the financial crisis in Europe as well as the tough regulatory actions out of Washington. I still believe that the banking sector will be one of the best places to invest in over the next several years.
In other news out this morning, is it not incredible that the double amputee runner out of South Africa finished 2nd in the qualifying races being held in Italy for the Olympics ? Wow...
