Friday was almost the complete opposite of Thursday – especially in the NASDAQ. Yesterday we wrote how it was difficult for the NASDAQ to rally without the potent combo of Apple + biotechs, which both suffered yesterday. Today both jumped and the results were predictable. The S&P 500 rallied 1.09% and the NASDAQ 1.29%. We will begin to see more economic data that matters as the first week of the month is chock full of interesting reports. Today we had manufacturing and construction:
April’s manufacturing ISM index missed slightly, coming in at 51.5, unchanged from the previous month. The report was expected to show a modest rise to 52 that would follow five consecutive months of weakening. Any reading over 50 signals expansion. Construction spending data for March showed a decline of 0.6 percent.