Euro Data Pushes Stocks up Ahead of Retail Sales

Equities are higher and the dollar is weaker following positive data from Europe and ahead of key retail sales numbers at home.

More than two hours before the opening bell, markets edging higher with Dow futures are up 21 points to 10,569 and the S&P 500 pointing up by 2.25 points to 1,148.25. 

Meantime, the dollar is slightly weaker, WTI crude oil is up 51 cents to $82.62 per barrel, and Spot Gold is up $7.93 to $1,117.43.

Sentiment was boosted as Eurozone industrial production hammered expectations and jumped 1.7% in January, marking the biggest gain in more than two decades. Figures for December were also revised up.

Industrial production also jumped 2.7% in Japan, also beating expectations.

Back in the US, headlines are beaming that Janet Yellen, president of the San Francisco Fed, has been tapped by the Obama Administration as vice chairman of the central bank.

Yellen, who chaired the White House Council of Economic Advisers under President Clinton, is widely known as a dove, meaning she’s unlikely to push the FOMC for a hike in interest rates. She is also an unemployment expert, reports said.

Bloomberg News said the Administration is still vetting the candidate.

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