Registered Investment Adviser Caleb Lawrence
The major averages opened about even on generally positive data, since Monday the Standard and Poors 500 Index is up 32 points or 1.2% while the NASDAQ has slipped 75 points or 1%. Failure to pass the tax bill, and an ex Trump cabinet member’s guilty plea related to Russian contacts spooked the markets in late trade sending them into the final hour with modest losses.
Construction spending increased 1.4% almost 3 times expectations in October, a 3rd consecutive gain on a 3rd large advance in public construction. Nonresidential advanced nicely and residential was up as well for the month.
The November Institute for Supply Management Manufacturing Index slipped a half point in November to 58.2 despite a small improvement in new orders.