The Market Bull – February 5, 2019
The major averages closed today with modest gains on little news of significance, although the President’s State of the Union Address will be delivered later today.
The Institute of Supply Managers non-manufacturing or services index slipped .9 points to 56.7 in January on weakness in new orders.
Price data and employment both increased slightly. A number of survey respondents listed the government shutdown as the reason for the top line weakness.
CoreLogic reports that its home price index advanced 4.7% on a year ago basis in December and .1% for the month.
Going forward and CoreLogic expects home prices to advance 4.6% this year. That gain could prove hard to come by but will see.
After finishing the year in fine form motor vehicle sales stumbled to begin 2019 with a 5.1% decline to 16.6 million units annualized in January to begin the year.
Standard and Poors 500 Index closed at: 2,737.30 up 12.83
NASDAQ finished the day: 7,402.08 up 54.55
Gold ended trading at: $1,319.30 unchanged