The news is mostly bad today, but stocks are rebounding on the small amount of good news, ignoring all the bad news.
Germany has officially slipped into recession, with negative GDP in Q4. That sent stocks into decline throughout the night.
But then, retail sales for December in the U.S. was better than expected. Unfortunately, even that was mixed, with low-margin retail sales increasing more than expected, but high-margin electronics sales disappointing badly.
"As for the bad news: it was all in the Empires State Manfuacturing Index
which missed expectations big, and in fact posted a decline from the
abysmal November miss, revised to -7.30, and now down to -7.78, the sixth negative print in a row, on expectations of an unchanged print. This was the 5th miss in the series in the last 6 reports, the worst miss in 4 months, and the lowest number in 4 months." Zero Hedge
