Registered Investment Adviser Caleb Lawrence
The major averages failed to build on yesterday’s gains despite generally positive data entering the final hour with small losses.
The February TIC or Treasury International Capital Flows report came out late yesterday. Handily beating expectations with 53.4 billion in net foreign purchases the highest figure in 7-months. Stocks, corporate and agency bonds were popular while Treasury issues sold off again, as has been the pattern for some time now.
Residential construction activity was mixed in March as permits increased 3.6% while starts slipped 6.8% on weakness in the Midwest and Western regions.
Industrial production advanced .5% in March on a big jump in Utilities output as most other sub-components fell. Capacity utilization gained .4% to 76.1%, February was revised slightly higher to show a small gain.