Markets Are Higher Despite Lackluster Data
The markets are higher despite a run of news that is less than encouraging.
The Dow is up 50 points, the S&P 500 is up 6 points, and the Nasdaq is up 10 points.
The University of Michigan's preliminary consumer confidence reading for June disappointed, coming in at 81.2 below expectations for 83.0.
Earlier this morning, producer prices in May unexpectedly contracted -0.2%. Expectations were for growth of 0.1% against previous growth of 0.6%.
In corporate news, the biggest story of the day is online travel agency Priceline buying restaurant reservation service OpenTable for $2.6 billion, or $103 per share. Shares of OpenTable are up more than 45% following the announcement.
Following the Priceline news, a number of stocks, including Yelp and Groupon, are trading higher.
General Motors announced another recall, this time recalling more than 500,000 current generation Camaros due to a possible loss of power.
Last night, Bank of England Governor Mark Carney said the central bank could raise rates earlier than the market expected. European stocks fell following his announcement, and the British Pound rallied to about $1.69 against the dollar.
Reaction to the news domestically has been muted.
The situation in Iraq continues to destabilize, and crude oil prices remain elevated currently trading just below $107 a barrel.