The Market Bull – April 12, 2019
The major averages finish another up week with the Standard and Poors 500 Index up 19 points or .65% since Monday, while the NASDAQ gained 59 points or .75% for the week.
Import prices jumped .6% in March on a 3rd consecutive large gain in energy prices. Export prices advanced .7% over the same period. On a year ago basis import prices are unchanged the first non-negative reading in 3-months. Export prices advanced .6% from a year ago.
Compliments of Trumps tax cuts that primarily benefitted the ultra-wealthy and corporations the first half fiscal 2019 Federal Budget Deficit hit 691 billion Dollars 15% higher than last year as spending growth advanced 4.9% and revenues increased just .7%. Once again nothing screams success like record debt.
2018’s retail apocalypse has continued in 2019 as layoffs and store closings mount. Less than halfway through April, American retailers have announced plans this year to shut 5,994 stores, exceeding the 5,854 announced in all of 2018, according to data from Coresight Research. While this figure remains below the more than 8,000 store closings seen in 2017 given that it’s only April this number could easily be broken. In addition to the closing Coresight noted that some 2,641 stores had been opened so far this year.
Standard and Poors 500 Index closed at: 2,907.41 up 19.09
NASDAQ finished the day: 7,984.16 up 36.80
Gold ended trading at: $1,294.10 up $.80