The Market Bull – April 1, 2019
The major averages closed with large gains to begin the week on mixed economic data as the dysfunctional political parade continues.
Retail sales disappointed in February falling .2% on broad based weakness. January was revised sharply higher so there’s hope for an improved 1st quarter Gross Domestic Product print yet.
The Institute for Supply Management Manufacturing Index beat expectations in March with a 1.1-point gain to 55.3. Improvement was seen in employment, new orders, and production. Prices paid advanced but remained modest.
Construction Spending handily beat expectations in February with a 1% gain, marking a second consecutive month of solid growth. Another substantial increase in public construction helped to offset weakness in commercial construction, while residential advanced .7% to mark a 3rd consecutive gain.
Vehicle sales continued to disappoint in February with a below expectations print of 16.6 million units annualized as 2019 sales get off to a weak start. Sales declines were fairly broad based though imported models fared better than their domestic counterparts.
Standard and Poors 500 Index closed at: 2,867.19 up 32.79
NASDAQ finished the day: 7,828.91 up 99.59
Gold ended trading at: $1,292.30 down $6.20