The Market Bull – February 15, 2019
With the government shutdown averted the major averages closed with large gains on mixed data. Since Monday the Standard and Poors 500 Index has advanced 64 points or 2.36%, while the NASDAQ is up 145 points or 1.98%.
With the markets quickly approaching their 2018 highs despite a very weak earnings reporting season. Valuations are moving rapidly higher. Something to keep in mind.
The New York Fed Regional Index beat expectations in February with a 4.9 point gain to 8.8 on strength in new orders and the average workweek.
Price data was mixed and remains moderate.
Import prices posted a 3rd consecutive large decline in January falling .5%, largely driven by energy prices. Export prices fell hard for a 3rd month down .6%.
On a year ago basis import prices are down 1.7%, export prices have fallen .2%.
Industrial Production missed expectations in January falling .6%. Motor Vehicle and Parts production fell an eye opening 8.8%, followed by Business Equipment down 1.5%.
Capacity Utilization slipped .6% to 78.2%.
Standard and Poors 500 Index closed at: 2,775.59 up 29.86
NASDAQ finished the day: 7,472.41 up 45.46
Gold ended trading at: $1,324.80 up $10.90