The Market Bull – April 18, 2019
The major averages closed with small gains on mixed but not overly significant news. The latest imminent solution to the trade war is postponed again.
Retail sales beat expectations in March with a 1.6% gain on large jumps in gasoline stations, autos, clothing, and furnishings. This series has been quite volatile of late and is only slightly ahead of its year ago level.
The Philadelphia Fed regional index fell 5.2 points to 8.5 in April on weakness in inventories, most everything else advanced. Price data was mixed and remains moderate.
Business inventories increased .3% in February, led by large gains in retail and manufacturing. The inventory to sales ratio was unchanged for a 3rd consecutive month at a relatively high 1.39 months.
The much-ballyhooed imminent trade deal with China was postponed for a 4th time to late May or early June as the two sides continue to try and hammer out a deal.
Standard and Poors 500 Index closed at: 2,905.03 up 4.58
NASDAQ finished the day: 7,998.06 up 1.98
Gold ended trading at: $1,277.60 up $.80