The Federal Reserve says the economy is strengthening but still needs support from the central bank. That news yesterday was a boost for the stock market after two days of worrying about Europe. Fed Chairman Ben Bernanke also says Cyprus' financial crisis poses no major risk to the U.S. The Dow closed up 56 points to 14,511 yesterday. The S&P 500 rose 10 points, to 1,558. The Nasdaq composite ended up 25 points. Futures trading today augers a lower opening.
- International stock markets stalled today as uncertainty mounted over whether Cyprus can stave off bankruptcy after the country's government rejected a plan to contribute to a bailout by seizing money from people's bank accounts. European markets were lower in early trading and Asian shares were mixed. Benchmark crude oil fell to hover above $93 per barrel. The dollar gained against the euro but fell against the yen.
- The Labor Department will release the weekly jobless claims number this morning. And the Conference Board reports on last month's leading economic indicators. On the housing front, the National Association of Realtors reports on existing home sales for February and mortgage giant Freddie Mac releases weekly mortgage rates.
- There apparently will not be a government shutdown in a week. The Senate approved legislation yesterday to lock in $85 billion in spending cuts that are aimed at restraining soaring federal deficits -- and to avoid the shutdown. Final House approval of the measure could come as early as today. It will then go to President Barack Obama for his signature.
- The clock is ticking for a Cyprus bailout. The European Central Bank says it will keep emergency aid for Cyprus' troubled banks in place at least until Monday but will have to cut it off after that unless an international rescue program is drawn up.
