Registered Investment Adviser Caleb Lawrence
The major averages opened higher on little news of significance and enter the final hour with modest gains following a brief trip into the red late morning. Bitcoin breaks $10,000 in early trade as it tries to recover its former glory.
The New York regional manufacturing index slipped 4.6 points in February to a still solid 13.1. An unremarkable report save for prices paid that surged 12.4 points to a very high 48.6.
The Philadelphia Fed regional index gained 3.6 points to 25.8 in February. New orders more than doubled to 24.5 and employment advanced. Prices paid surged 12.1 points to 45.
The Producer Price Index or PPI that largely measures wholesale price changes continues to advance with a .4% gain in January on large increase in energy prices. On a year ago basis this index slipped .1% to 2.6% energy prices should cause this series to moderate materially beginning next month with the February data set.
Industrial Production disappointed in January with a .1% decline after mining activity fell 1%, a second consecutive drop for this component.