The Market Bull – April 10, 2019
The major averages closed with modest gains as Boeing continues to drag on the Dow Jones Industrial Average. Economic data disappoints.
The Mortgage Bankers Association reports that its mortgage activity index fell last week down 5.6% as refi’s slipped 11.4%, while purchase apps advanced .5%. The 30-year contract rate for a jumbo loan increased fractionally to 4.28%.
The March Consumer Price Index or CPI surprised to the upside with a 4% gain on a big jump in energy prices. On a year ago basis prices increased 1.9%, still quite low by historical standards, and a 4th consecutive month below 2%.
Economic growth estimates for 2019 continue to be cut as the International Monetary Fund or IMF reduced its global growth target to a decade low of just 3.3%. All developed and emerging market economies got cut save Japan as their growth rate was revised up to a still very anemic 1%.
Standard and Poors 500 Index closed at: 2,888.21 up 10.01
NASDAQ finished the day: 7,964.24 up 54.97
Gold ended trading at: $1,312.30 up $4.00