Daily Data Flow: Stocks Rise on Earnings, Commodities; Senate Could Look into Online Sales Taxes; Dollar Falls Slightly against Yen
Stocks Rise on Earnings, Commodities (Bloomberg)
Thanks in part to a rally in commodities, stocks rose today, starting a comeback from the S&P 500’s worst week in five months. Companies reporting their earnings also contributed to the gains. “We’re in the middle of earnings season and that continues to be a key driver,” Richard Sichel, chief investment officer at Philadelphia Trust Co., said. “It’s important to us to hear what management teams are saying, how optimistic or pessimistic they sound about future growth.”
Senate Could Look into Online Sales Taxes (CNBC)
In a move meant to level the playing field for brick-and-mortar stores and reduce the consumer practice of “showrooming,” examining a product in a store before buying it online to save money, the Senate may soon begin discussing easing how states can regulate online sales tax. Seeing as current policy is based upon a 1992 Supreme Court ruling on mail-order catalogs, today’s technology could provide the impetus for policy adjustments.
Dollar Falls Slightly against Yen (Reuters)
Today, the dollar experienced a slight dip against the Japanese yen, but the American currency is still near the key level of 100 yen to the dollar. “The lack of pushback by the G20 effectively gives the BOJ room to ease further if needed and should keep the yen biased broadly lower,” said Omer Esiner, chief market analyst with Commonwealth Foreign Exchange, Inc, in Washington, DC.