Registered Investment Adviser Caleb Lawrence
After a tentative opening on mixed data the major averages rose late and enter the final hour with modest gains. The Beige Book on regional economic conditions showed more of the same in April, modest to moderate economic activity with nothing really remarkable though the index did advance for a 3rd straight month and the western region continues to lead.
Construction spending fell 1.4% in April missing expectations of .5% growth substantially, declines were broad based. March was revised sharply higher from -.3% to +1.1%. On a year ago basis construction spending is up 6.7%.
The Institute for Supply Management or ISM Manufacturing Index edged expectations with a .9-point gain to 54.9 in May on strength in new orders and employment. Prices paid fell 8-points to 60.5.