Today's Focus: Economic Data, Fed Minutes
This week, we will get a glimpse of new economic data about the month of December, providing investors with clues about the depth of the recession. Today, the Institute for Supply Management's non-manufacturing index is released, which provides a picture of the services sector. That data is out at 10 a.m., along with the Commerce department's data on factory orders.
This afternoon, the Federal Reserve releases minutes from its December meeting at 2 p.m., providing a window into the thinking behind the Fed's decision to cut interest rates to a target rate of 0 to 0.25 percent.
Also today, Toyota announced a dramatic move to temporarily shut down all 12 of its plants in Japan next month and in March for 11 days in response to declining demand. The last time the auto giant halted production was in 1993, according to the Associated Press.
In Asia, the markets are up slightly, led by China's Shanghai Composite, up 3 percent. The Nikkei is up 0.42 percent and the Hang Seng is down a bit, 0.35 percent. in Europe, the markets moved higher today, with the Dow Jones Stoxx index up 2 percent.
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