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Retail Sales Rise 1.1% in February

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    FBN’s Diane Macedo breaks down the stories moving the markets.

  • Duration 5:11
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This is this time -- of the morning.

I'm on the final -- Good morning everyone retail sales for February jumped the most they have in five months that's even with rising gas prices.

Sales increased one point 1% from January as people bought cars and a range of goods.

The estimate was for an increase of 1%.

If your -- auto components sales were up zero point 9%.

And that was also better than expected the January figure was also revised higher to an increase of point 6% up from point four.

Vehicle sales rose one point 6% last month.

And -- thirty minutes away from the opening bell on Wall Street taking a look at futures they are up across the board Dow futures are up by 45 the S&P is up by five.

And the nasdaq's up by eleven meanwhile the US is turning up the pressure on China.

Over its hold on rare earth minerals President Obama is asking the World Trade Organization to force China and export restrictions on the minerals.

Which are used to make hybrid car batteries and other high tech products China produces nearly all of the world's rare earth minerals and the move is seen as one way the president can strengthen relations.

With the -- labor unions in an election year the US is bringing the case along with the EU and Japan.

President Obama will deliver a statement on that case and 11:10 eastern time this morning and we'll have it for you live here on the Fox Business Network.

Now let's get a preview of the trading day -- for that about a nickel and -- is on the floor of the New York Stock Exchange medical.

Hey good morning -- good morning everybody -- the dollar is higher this morning going to be interesting to keep an eye on whether or not that pressure things around -- everybody's waiting.

For a 2 PM right we'll wait and on the Fed we've had extremely.

Light volume here on Wall -- so where is the conviction even -- that slightly upward move there hasn't been too much backing behind that take a look here.

At Bank of America how the banks are -- up yesterday and banks really weren't participating.

In any sort of rally we saw them coming under pressure we've seen some of the more defensive.

Sectors coming into favor right we've been watching utilities doing well Telecom.

Doing allows us some of those more defensive consumer Staples -- recessionary those areas.

That have really been doing well -- keep an eye on the banks today also keep an eye on Urban Outfitters today that is -- name.

On the move everybody knows -- -- anthropology.

Free peoples is not just Urban Outfitters under there are -- but they reported fourth quarter numbers.

They miss the analysts asked -- it's not a good signs that we've seen it down about 3% so far.

But that being said yesterday it was an unbelievable day.

For retailers so many -- hitting multi year highs all time highs.

Including.

Macy's Home Depot advanced auto parts just to name of use up the retailers and we know we got in our retail sales now.

Our numbers coming in in line showing growth they've had the lean inventories in getting.

That getting that merchandise out and also the fact that we had -- spring so this is what we're looking at here and out commodities -- -- expect today.

-- -- Thanks that that -- mentioned the Federal Reserve is holding a policy meeting today investors are watching that closely.

In the meantime Fox Business is Robert Gray has a preview of what we can expect -- Robert.

-- guy and that meeting is under way down in DC you'll get the details little later this afternoon they're not expected to change interest rates of course.

They've at a record low since December of 2008.

Just looking to see if they are gonna do any policy tweaks and we did they're gonna plan to keep these rates.

And they say stated so I until -- some 2014 to rates expected -- -- record low levels until that.

Since -- last man in January the economic landscape.

The ship still about Louis obviously got the retail sales numbers out today but stocks have been moving higher -- -- and improving the labor market.

Although housing does remain -- that's one area that has been trying to I help -- if you will gasoline prices.

Have been spiking higher inflation a lot of analysts and traders saying there -- -- to see the statement this afternoon if there's any mention of rising inflationary threats out there and whether that could perhaps a forestall any further moves by the Fed now expect to make any other moves.

This meeting but perhaps tipping their hand for the future -- whether they were -- more quantitative easing.

In the offing or not -- we've seen in May be and a couple of weeks and now we see the actual minutes from the meeting only find that out as opposed to the statement this afternoon.

Our panel will get that statement at 2 PM and everybody can tune in here.

For complete coverage starting at 2 PM rather the statement itself we'll come out.

At 215 now let's get the latest on weather from meteorologist Maria Molina an -- Fox Business whether -- -- Maria.

Hey good morning -- -- today we're expecting a very warm day out across most of the lower 48 today stretching from areas east of the Rockies.

High temperatures in the teens across parts of Kansas tend to Texas and even in the northeast.

Where in New York City were expecting a high temperature at 72 degrees it is extremely warm out there.

Now we're not looking any rain -- really across -- set another country a lot of sunshine some breezy conditions.

In combination with those warm temperatures though are gonna keep an elevator fire danger across northern plains that's -- eastward showers and thunderstorms for the northeast balance this out.

I'm Maria thanks commodities here is still make a little lower than we earlier today oil is up by 25 cents -- -- down by thirteen dollars.

Imus in the morning continues right now.

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