FED Meeting Minutes Hint at Hike in Interest Rates
(CNBC) Stocks rising yesterday, following the release of the minutes from last month’s FED meeting, which shows the Central Bank thinks interest rates may rise faster than previously expected. Investors also cheering a strong showing in auto sales last month.
Look for data on the job market later today.
The DOW closing up 60 points to 19-942, the NASDAQ adding 47 to 54-77.
Watch shares of retailers today.
Macy’s and Kohl’s tumbled in late-trading last night, after both chains slashed their profit forecasts, following weak holiday sales.
Macy’s says customer traffic continued to decline, even though its online business is doing well. The company is closing 68 stores, as part of a plan announced last summer to shut 100 locations nationwide.
Amazon plans to open its first brick & mortar store in New York City this spring. The four-thousand square-foot store will be in the Time Warner Center in Manhattan, near Central Park.
Amazon currently has three physical bookstores, in Seattle, San Diego and Portland, Oregon, with plans for others in Chicago and the Boston area. Customers can buy books and try out devices such as amazon echo and fire HD.
CNBC Morning Business Report, Landon Dowdy.