Tuesday, February 16, 2010

Quick Notes for the Day - February 16

Empire State Manufacturing Index Rises - The New York Federal Reserve Bank reported that the Empire State Manufacturing index rose to 24.9 in February versus 15.9 in January. In prior months the index had both risen and plunged on the data, but the new data puts the index at its highest level since October. The data showed both positives and negatives, but the most important news was that inventories were flat for the first time after 17 straight negative months.

Oil, Gold Rise - After a 3 day weekend, the commodities markets opened up with a slightly weaker dollar, renewed optimism in Europe, and a rally. Oil rose more than 3% to get above $76. Gold also moved higher by $26 to above $1,100.

Obama Announces Nuclear Power Plans - $8.3 Billion for Georgia Plants - Reuters - "President Barack Obama announced some $8 billion in loan guarantees on Tuesday to build the first U.S. nuclear power plant in nearly three decades and said he saw some common ground with Republicans on climate legislation."

Obama to Announce Georgia Nuke Loan Guarantees Today - AJC - "An administration official said late Monday that the loan guarantees will apply to work at the Southern Co. plant in Burke, where Georgia Power is planning the new reactors at its Plant Vogtle facility.Southern Co. estimates the project will create 3,000 onsite construction jobs and about 850 permanent positions."

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