The Market Bull – February 18, 2020
The major averages closed mixed after recovering some of their early losses on little real news. Reports of Coronavirus supply chain disruption grow.
The New York Fed regional manufacturing index jumped 8.1 points in February to 12.9. New orders surged to 22.1 a gain of 15.5 points. Employment and price data were both mixed. This marks the first month for the series convincingly in positive territory since early last year.
The National Association of Home Builders index slipped a point to 74 in February. The details were unremarkable, the west continues to show considerable strength with a 5th consecutive month above 80.
The Treasury International Capital flows or TIC report showed foreigners remain willing buyers of our debt during December with 85.6 billion in net purchases. Treasury Bonds and Notes were very popular with 41.1 billion in net purchases followed by equities +22.2 billion and Agency issues + 15.9 billion. Corporate bonds sold off down 18.5 billion. This marks a 4th consecutive month of solid net purchases.
Standard and Poors 500 Index closed at: 3,370.29 down 9.87
NASDAQ finished the day: 9,732.74 up 1.57
Gold ended trading at: $1,604.50 up $.90