The Market Bull – November 15, 2018
The major averages shrugged off their early losses to finish with modest gains on generally positive economic data.
Retail sales advanced a better than expected .8% in October led by gasoline, building materials, motor vehicles and parts sales. August and September were both revised from +.1% to -.1%. On a year ago basis sales are up a respectable 4.6%. With interest rates increasing and tariffs starting to bite and set to hit overdrive when they jump to 25% January 1st, the outlook for continued robust retail sales isn’t positive.
The New York manufacturing survey gained a better than expected 2.2 points in November. Employment advanced nicely, price data was mixed. The Philadelphia Fed regional survey plunged 9.3 points to 12.9 in November on weakness in new orders and employment, price data was mixed as well.
Import prices advanced .5% in October on a big jump in oil prices, export prices increased .4%. Again the increase in oil prices is odd as the New York Mercantile Exchange reported that oil prices fell 15.24% in October to $63.69 per barrel. On a year ago basis import prices advanced 3.5%, while export prices increased 3.1%.
Standard and Poors 500 Index closed at: 2,730.20 up 28.62
NASDAQ finished the day: 7,259.03 up 122.64
Gold ended trading at: $1,213.80 up $3.70
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