Registered Investment Adviser Caleb Lawrence
After opening with substantial losses, the major averages enter the final hour with modest gains on little news of substance.
Mortgage activity slipped 3.3% last week as per the Mortgage Bankers Association with refi’s down 4.9% and purchase apps off 2.1%. The 30-year Jumbo Loan rate slipped fractionally to 4.56%.
Payrolls company ADP reported an above expectations 241,000 new jobs in March. This pushed the 1st quarter average to a respectable 243,000.
Factory orders gained 1.2% in February on a large jump in durable goods orders. The proxy for business spending, non-defense capital goods ex-aircraft, advanced 1.4% snapping a pair of losses in the process.
The Institute of Supply Managers Non-Manufacturing or Services Index slipped .7 to a still strong 58.8 in March. The details were unremarkable, prices paid remained high at 61.5.