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Coronavirus News Largely Disappears From The Headlines
The Market Bull 2020

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The Market Bull – February 3, 2020

The major averages closed with modest gains to begin the week as Coronavirus news largely disappears from the headlines.

Construction spending slipped .2% in December, the first decline in 6-months on weakness in non-residential; and public construction. It would appear that the trend towards multi-family construction gave way to single family residences as 2019 came to a close.

Despite expectations that the Boeing 737 Max production line shutdown would cause a substantial decline in manufacturing output to begin the year. The ISM or institute for supply management manufacturing index advanced 3.7 points to 50.9 in January registering the first expansion for the series since July of 2019. Production and new orders led the gains. The outlook for manufacturing, trade and particularly exports going forward is clouded by the Coronavirus, to an as yet unknown extent.

The 1st quarter senior loan officer survey showed easing standards for commercial, industrial and residential loans. Demand fell more or less across the board. Lending standards tightened for credit cards, autos and commercial real estate loans. Demand for credit card and auto loans was soft.

Standard and Poors 500 Index closed at: 3,248.92 up 23.40
NASDAQ finished the day: 9,273.40 up 122.47
Gold ended trading at: $1,581.30 down $6.60


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