The Market Bull – November 19, 2019
The major averages closed mixed on uneven economic data. Trump’s impeachment hearings continue, yet the markets seem unconcerned, as they did with Nixon.
Housing starts bounced back in October gaining 3.8% to 1.314 million units annualized, that said starts have slipped in 4 of the last 6-months. Permits advanced 5% to 1.461 million units annualized. At the regional level the West was a real standout with starts jumping 17.6% in October and 6.8% from a year ago.
Regional and State level employment data for October shows some continued decent employment growth despite the East North Central region slipping .1%. On a year ago basis The Mountain +2.2%, Pacific +1.8% and West South Central +1.8% regions saw the strongest gains. At the other end of the spectrum The East North Central +.5%, Mid-Atlantic +.8% and West North Central +.9% showed the weakest employment growth.
The 3rd Quarter Services Survey advanced 4.9% from a year ago despite a 2.4% decline for the motion picture and sound recording segment. That said trend growth for this series while still solid has slowed somewhat of late. Revenue growth was particularly strong for Software +13.2% and Legal +6.8%.
Standard and Poors 500 Index closed at: 3,120.18 down 1.85
NASDAQ finished the day: 8,570.66 up 20.72
Gold ended trading at: $1,472.60 up $.70