President Barack Obama addressed an audience of several hundred people at Northwestern University in Evanston, Ill., on Thursday, where he struck a positive tone as he applauded America’s economic progress and expressed his confidence in its position as the world’s leading nation.
Refiners say concessions offered by the U.S. Environmental Protection Agency in an order issued today to reduce smog-producing sulfur in gasoline aren’t enough and the rule will still result in higher prices for consumers.
Politically, 2013 was the year of snatching defeat from the jaws of victory. First the GOP followed the direction of Junior Senator Ted Cruz (R Tex.) down a dark alley in a fight they were guaranteed to lose, and, then with the GOP on the ropes, the President and his team botched the roll-out of the Affordable Care Act website. In the markets all eyes were on Federal Reserve mainly because Congress abdicated all responsibility for moving the economy forward to Ben Bernanke, who finally signaled the beginning of the end of QE3.
Hump day is providing investors with a major speed bump before the market opens. The E-Mini contract is trading down to as low as 1772.25, almost 30-handles lower than the overnight high set just hours ago.
The petroleum market is trying to assess the impact from emerging issues in emerging markets and rising U.S. oil production ahead of Ben Bernanke's last Fed meeting and ahead of the President's State of the Union address.