The Market Bull – June 21, 2019
The major averages closed with small losses. Since Monday the Standard and Poors 500 Index has gained 60.71 points or 2.1% while the NASDAQ advanced 110.73 points or 1.4%.
Existing Home sales came in slightly ahead of expectations in May advancing 2.5% to 5.34 million units annualized. On a year ago basis May marks the 15th consecutive month of lower sales. Month’s supply increased fractionally to 4.3. The median price gained 4.1% for the month to $277,700 a figure 4.8% higher than a year ago. All regions reported sales gains as lower mortgage interest rates continue to drive activity.
Regional and State level employment data for May shows declines for the New England, Mid Atlantic and East North Central regions. The other 6 regions all advanced led by the Pacific region with 28,000 new jobs.
As the trade war and tariffs take and increasingly heavy toll on the economy, manufacturing data continues to go south with the PMI Manufacturing Index hitting a 10-year low of 50.1 in May, Business Activity and Business Expectations also took a hit falling to 40-month lows.
Standard and Poors 500 Index closed at: 2,950.46 down 3.72
NASDAQ finished the day: 8,031.71 down 19.63
Gold ended trading at: $1,403.00 up $6.10