S&P500 +0.24%(2,378.25); NASDAQ +0.67% (5,901); DJIA +0.06% (20,914.62)
This week’s reports:
- February’s CB Leading Indicator rose by 0.6% the same as in January.
- March’s Philadelphia Fed Manufacturing Survey fell to 32.8 from February’s +43.3.
- March’s NY Empire State Manufacturing Index fell to 16.4 from February’s +18.7.
- March’s Michigan Consumer Sentiment Index (prelim. ) rose to 97.6 from February’s +96.3.
- March’s NAHB Housing Market Index rose to 71 from February’s +65.
- February’s CPI rose by 2.7% y/y versus January’s +2.5% y/y. Core CPI rose by 2.2% y/y versus January’ s +2.3% y/y.
- January’s Business Inventories rose by 0.3% from December’s +0.4%.
- February’s Industrial Production remained unchanged from January’s upwardly revised -0.1%. Capacity Utilization fell to 75.4% from January’s +75.5%
- February’s Housing Starts rose to 1.288M from January’s upwardly revised 1.251M. Building Permits fell to 1.213M from January’s upwardly revised 1.293M.
- February’s Retail Sales rose 0.1% from January’s upwardly revised +0.6%. Retail Sales ex Autos rose 0.2% from January’s upwardly revised +1.2%.
- Initial Jobless Claims for the week ending March 10th fell by 2K to +241K. Continuing Jobless Claims for the week ending March 3th fell by 30K to 2,030K.
- US equities rose this week thanks largely to advances in companies with high dividends that investors turn to when bond yields fall.
- Trades sparked by the Federal Reserve’s dovish tone partially unwound Thursday, as US stocks slumped after the best gain in two weeks.
- The S&P 500 Index added 0.2 percent to 2,378.25. The biggest boost came on Wednesday after the Federal Reserve raised the benchmark lending rate a quarter point and maintained its projection for two more increases this year.
- The Fed raised rates by a quarter percentage-point Wednesday, and policy makers penciled in two more quarter-point increases this year and three in 2018, unchanged from projections in December.