The Market Bull – December 3, 2018
Talk of a truce with the Chinese over the nascent trade war helped the major averages to significant gains to begin the week. With Trumps track record of flashy announcements leading to little substance and the details of the truce scarce we have little more than a 90-day stay of execution at this point. Time will tell, it always does.
The Institute of Supply Manufacturing or ISM manufacturing index beat expectations in November with a 1.6-point gain to 59.3. The details were largely unremarkable, price data slipped significantly but remains high.
Construction spending missed big in October with a .1% decline. Residential and commercial construction both fell. Government construction advanced .8% to save the series from an even larger decline. That said construction spending has been essentially flat now for 6-months in the face of higher interest rates.
CoreLogic reports that its home price index advanced 5.6% in September from a year ago. Price gains were led by Philadelphia, Phoenix, Dallas, and New York. North Dakota was the only market to shows declines for the month, per the report.
Standard and Poors 500 Index closed at: 2,790.37 up 30.20
NASDAQ finished the day: 7,441.51 up 110.98
Gold ended trading at: $1,236.40 up10.40
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