Market Happenings For Wednesday, March 20, 2013

For Dow stocks, only BAC is at a 52 week high. There are no Dow stock 52 week lows.

The Market

The Dow looks to open up +74 this morning.

Today at 2 p.m. ET, the Fed will release its latest interest rate statement and economic forecasts. Chairman Ben Bernanke is expected to maintain a gloomy outlook despite stronger economic data.

From somewhere on the interwebs……..”The Dow has advanced from 66 to 11,497 in the 20th Century, a staggering 17,320% increase that materialized despite four costly wars, a Great Depression and many recessions. And of course we are now at 14,455.82 which would be a 21,906% increase.

European markets are up and Asian markets ended mostly up.

The national average price of gasoline is up five-tenths of a cent to $3.697 per gallon.

Earnings Reports

There are no Dow stocks set to announce earnings in the near term.

FedEx Corp. (FDX) is expected to report third quarter EPS of $1.39 vs. $1.55 a year ago.

General Mills (GIS) is expected to report third quarter EPS of $0.57 vs. $0.55 a year ago.

Jabil Circuit (JBL) is expected to report second quarter EPS of $0.54 vs. $0.58 a year ago.

Lennar (LEN) is expected to report first quarter EPS of $0.16 vs. $0.08 a year ago.

Oracle (ORCL) is expected to report third quarter EPS of $0.66 vs. $0.62 a year ago.

TearLab (TEAR) is expected to report a fourth quarter loss of $0.10 per share vs. a loss of $0.17 per share a year ago.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -4.7% with purchase sub-index -2.5% and refi sub-index -5.2%.

1030 ET DOE Weekly Petroleum Status Report.

1400 ET FOMC interest rate decision.

1400 ET Fed releases its Summary of Economic Projections.

1430 ET Fed Chairman Ben Bernanke holds press conference in Washington D.C.

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