Stocks and exchange traded funds (ETFs) were undaunted by an intensifying revolution in Egypt, emboldened by manufacturing data and a continuation of the strong fourth-quarter earnings seen in recent weeks.
- The U.S. manufacturing sector grew at the fastest rate in almost seven years last month. The growth bodes well for the continued advancement of the economy. Vanguard Industrials (NYSEArca: VIS) is up 1% so far today.
- Another major snowstorm is currently in progress back East, leading to more than 4,500 flight cancellations. Despite the interruption, Guggenheim Airline (NYSEArca: FAA) is up slightly this morning, though it’s lost 7% in the last 10 trading days.
- Pfizer (NYSE: PFE) reported that its fourth-quarter profit more than tripled from a year ago. Despite that, the drugmaker issued a cautious outlook for the next two years. iShares Dow Jones U.S. Pharmaceutical Index Fund (NYSEArca: IHE) is up nearly 1% this morning; Pfizer is 9.6% of the fund.
- Oil prices are holding steady for the second day after topping $100 a barrel on Monday. The protests in Egypt have many watchers nervous about what it could do to prices down the line. United States Oil (NYSEArca: USO) is down just slightly this morning.
- Though the Egyptian economy is said to be all but paralyzed right now as tourists flee and the stock market shuts down, Market Vectors Egypt (NYSEArca: EGPT) is bucking the trend, rising 2.6% in early trading.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.