The major indices have been able to move higher today after briefly moving lower earlier today. The Financial sector is currently leading the way higher while Techs and Telecom are higher but lagging the market.. Public outrage is growing from news this weekend that AIG will use taxpayer bailout dollars to pay employee bonuses of $450 million. According to AIG, it is obligated by contracts that were executed before the economic crisis began. The New York Fed's Empire State Manufacturing Survey for March declined to a record low of -38.23, and new orders plunged to -44.76 from -30.51 in February. Oil rebounded this morning after OPEC confirmed no further production cuts, but instead asked that member countries to strictly adhere to cuts already agreed upon. Gold has also slipped this morning.
TOP STORIES - Fed Chairman Bernanke Appears on CBS's "60 Minutes" - Treasury Dept to release More Details This Weeks re Toxic Asset Plan - Outrage Grows re AIG Plan to Use Taxpayer Money to Payout $450M in Employee Bonuses - Obama Plan to Implement New Powers for Fed and Regulatory Overhaul - G20 Ministers Agree to Increase Financial Aid for Countries and Improve Regulations - HSBC Says it Won't Need U.K Govt Bailout - PMI Group Q4 EPS (2.19) vs (12.51); Misses ($1.64) Est - Nasdaq Plans for Exchange in Russia
ECONOMIC DATA - 08:30 Mar NY Fed Empire State Manufacturing Index (Actual -38.23; Previous -34.65; Expected -31.7) - 09:00 Jan Treasury Intl Capital Report (Actual: -$148.9b; Previous: $74.0b) - 09:15 Feb Industrial Production (Actual: -1.8%; Previous -1.8%; Expected -1%) - 13:00 Mar NAHB Housing Index