The Market Bull – May 3, 2019
The major averages finished the week with large gains on generally positive data. Since Monday the Standard and Poors 500 Index advanced 4.64 points or a fraction of a percent while the NASDAQ gained 9.71 points or a fraction of a percent as well.
The Bureau of Labor Statistics April employment report handily beat expectations with a gain of 263,000 new jobs. Previous months were revised up by 23,000. Average weekly hours declined slightly to 34.4. The year-over-year gain in weekly earnings was 2.9%, down from 3.2% in March. Despite the solid headline jobs figure the labor force participation rate continues to slip down .2% to 62.8%.
Wholesale inventories were unchanged in March, retail inventories fell .3% as this series returns following the partial government shutdown over the winter. This is the weakest showing for this series in quite some time.
The trade deficit increased to 71.4 billion in March. Exports advanced fractionally to 140.3 billion while imports increased slightly to 211.7 billion.
The Institute of Supply Management Non-Manufacturing or services index fell .6 points to 55.5 in April. A number of sub-components declined, none remarkably, labor shortages were again cited as a concern. Price data increased slightly but remained moderate.
Standard and Poors 500 Index closed at: 2,945.54 up 28.12
NASDAQ finished the day: 8,164.00 up 127.22
Gold ended trading at: $1,280.20 up $8.20