Registered Investment Adviser Caleb Lawrence
The major averages couldn’t hold their early gains entering the final hour with small losses. Despite what is so far a solid start to the earnings reporting season. Following mixed economic data.
The Chicago Fed National Activity Index slipped .78 in March to a still positive .1. The 3-month moving average fell fractionally to .27. Of the 4-components in the report, production, sales, employment, housing and personal consumption all declined notably. Housing and personal consumption actually slipped into the red for the month.
Existing home sales advanced 1.1% In March to 5.6 million units annualized. On a year ago basis sales fell 1.2%. By region and the Northeast and Midwest gained while the South and West slipped. The median price jumped $9,500 to $250,400 a figure 5.8% higher than a year ago. Month’s supply increased to a still very low 3.6.