Two big rally days have the S&P 500 back at all-time highs as we start trading today. Good profit numbers from banks as we start earnings season have been fuel on the fire.
Inflation remains in check at the consumer level up 0.3% in December. (Fox Business News)
The rest of the big banks are in. Citigroup posted profits almost 19% higher than last year but revenue was down 5%. Goldman Sachs posted lackluster earnings down 20% from last year. Revenues fell 15% as Goldman’s bond underwriting fell 14% and client trading fell 15%. (Reuters)
Best Buy shares are down over 28% in premarket trading as the company reports holiday sales fell 0.9%. They say sales were down due to deep discounting, competition and supply constraints. (Reuters)
Home foreclosures hit a 6-year low in 2013. Over 747,000 homes entered the foreclosure process last year down 33% from 2012. Over 462,000 homes were actually taken back by banks last year. At the peak in 2010 1.05 million homes were foreclosed on by banks. (Associated Press)
Sales growth of wine is expected to increase in 2014 after being on a three year skid. Wine sales are expected to rise 6% to 10%. Last year the US consumed over 825 million gallons of wine.