The Market Bull – June 18, 2019
The major averages closed with large gains on mixed economic data. With the US considering military options against Iran this could change in a hurry
Housing starts fell slightly less than expected in May dropping .9% to 1.269 million units annualized. On a year ago basis starts are 4.7% lower. Permits advanced .3% to 1.294 million units annualized, a figure .5% lower than a year ago.
First quarter state and local tax revenues advanced an anemic 2% on a big jump in corporate income taxes. Personal income taxes fell for a 2nd quarter, sales tax growth was weak at +5.1%. The fourth quarter of 2018 original tax receipts decline of 3.5% was revised up to a loss of .8%.
Standard and Poors 500 Index closed at: 2,917.75 up 28.08
NASDAQ finished the day: 7,953.88 up 108.86
Gold ended trading at: $1,349.60 up $6.70