S&P500 +2.20%(2,950.46); NASDAQ +3.01% (8,031.71); DJIA +2.41% (26,719.13)
This week’s reports:
June’s Markit Manufacturing PMI (prelim.) fell to 50.1 from May’s 50.5. Services PMI (prelim.) fell to 50.7 from May’s 50.9. Composite PMI (prelim.) fell to 50.6 from May’s 50.9.
June’s Philadelphia Fed Manufacturing Index fell to 0.3 from May’s reading of 16.6.
June’s NY Empire State Manufacturing Index fell to -8.6 from May’s reading of 17.8.
June’s NAHB Housing Market Index fell to 64 from May’s 66.
May’s Housing Starts fell 0.9% from April’s +6.8%. Building Permits rose 0.3% from May’s +0.2%.
May’s Existing Home Sales rose 2.5% from April’s zero change.
Initial Jobless Claims for the week ending June 14th fell by 6K to 216K. Continuing Jobless Claims for the week ending June 7th fell by 37K to 1,662K.
- Global and US stocks surged, fueled by a signal from the Federal Reserve that it could cut short-term rates in the months ahead if economic conditions worsen.
- Investors also cheered news that US President Donald Trump and China’s President Xi Jinping would meet at the G20 summit in Japan at the end of this month; the planned meeting led to hopes of a progress in the trade dispute negotiations.