Futures down ahead of State of the Union address

(AP) Futures down ahead of State of the Union address
NEW YORK
Futures are down in light trading ahead of President Barack Obama's State of the Union address, where the economy will take center stage.

Dow Jones industrial futures are down 4 points to 13,920. The broader S&P futures have lost 1.1 points to hit 1,512. Nasdaq futures are down 4.25 points to 2,766.25.

The unemployment rate ticked up a tenth of a point to 7.9 percent last month and though job growth continues, Obama is expected to introduce new job proposals in an attempt to accelerate the economic recovery.

On Tuesday, Coca-Cola said that profit rose 13 percent and global sales volume rose 3 percent, outpacing its flagship U.S. market, which rose 1 percent.

Many investors are awaiting the release of January retail sales numbers, which are due on Wednesday.

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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