Stocks opened slightly higher on Thursday after reports showed jobless claims fell by 24,000 last week to 601,000 and retail sales ticked higher in May. Bond yields will also be in focus today as the results of the government's 30-year Treasury auction are due out at 1pm ET. Experts weighed in on the above and more. Read and listen to what they had to say…
Bond Yield Surge Concerns
We don’t know what’s been driving the bond yields, but the rising will undermine certain aspects of the economy such as the housing market, warned Roger Nightingale of Pointon York. “It is hard to forecast a strong recovery in housing by output or prices unless we get a little bit of relief,” he said.
US Investor Confidence On the Rise
U.S. investor confidence is on the rise, said Clive Hyman of Hyman Capital Services. There’s been a jump in the stock market, and the automotive industry “is in the tank,” he said, "which is why they’re having to increase rates to drive the sales away." He said he is concerned that the U.S. government isn’t moving as quickly as it said it was going to.
Economy 'Pretty Good' in 2010
“Business is getting better [and the economy is] coming back to some normalcy,” said Mario Gabelli of GAMCO Investors. He said the U.S. economy will pick up slowly but surely — and 2010 and 2011 will be “pretty good.”
Short-Oil and Energy in Long Term
The world is short-oil and energy in the long term, said Malcolm Graham-Wood of Hanson Westhouse. “The IEA have a poor record for forecasting,” and said OPEC is consistently more accurate predicting where oil prices will go, he said.