Registered Investment Adviser Caleb Lawrence
Another volatile session sent the major averages into the close with small losses. Since Monday the Standard and Poors 500 Index is up .75% or 18 points while the NASDAQ has gained 1.5% or 88 points.
The National Association of Realtors reports that existing home sales jumped 4.4% in March to 5.71 million units annualized on a seasonally adjusted basis. Strength was notable in the northeast; month’s supply was unchanged at 3.8. The median price gained 3.6% for the month to $236,400, on a year ago basis prices are up 6.8%.
There is little else going on today but next week will be both busy and exciting as the French election could well mark the beginning of the end for the Euro Zone. Here at home the Trump administration will be confronted with its first real test of efficacy as the budget and debt ceiling limit comes to the fore late in the week. With little wiggle room before the government runs out of money the clock will be ticking on a solution. One that will be very difficult to achieve without either more debt or substantial budget cuts.