Today's Focus: Geithner Vote, Economic Data
Today, the Senate Banking committee will vote on President Obama's pick to head the Treasury department. Timothy Geithner has received praise from lawmakers on both sides of the aisle but yesterday he faced tough questioning over his tax problems, especially because the job includes overseeing the IRS. Lawmakers do not expect that issue, however, will impede his confirmation. The committee is expected to vote on his confirmation today and the full Senate will vote next week.
Also in Congress, the House is expected to vote on whether to disapprove of the release of the second half of $700 billion bailout/rescue money. The Senate has already voted to release the money, and since both houses of Congress would need to block it, the House vote is expected to largely be symbolic.
But before that, the government will release some data today that the markets will likely take into account before the opening bell. Weekly jobless claims will be announced today at 8:30 a.m. Also, the numbers for housing starts for the month of December will also be released at 8:30 a.m. Given yesterday's bruising confidence figure from the National Association of Home Builders, the government data today is not expected to be uplifting.
Several major U.S. firms report earnings today. We'll be watching for news from Google, Microsoft, Southwest Airlines and Capital One later today, so stay tuned. Check back here for more updates throughout the day.
Posted by: jtrailroad | January 22, 2009 12:44 PM | Report abuse
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