It was a quiet Friday to end a quiet week as it seems most of Wall Street left for the Hamptons last weekend. The S&P 500 fell 0.22% and the NASDAQ 0.03%. Stocks moved little following an afternoon speech by Federal Reserve Chair Janet Yellen that said a rate hike would be appropriate this year if the economy improves. She noted that first quarter weakness was largely transitory and that it would take several years for rates to return to normal. The Labor Department said its Consumer Price Index (CPI) rose 0.1 percent last month, with the core figure discounting food and energy costs up 0.3 percent, for the largest gain since January 2013.Continue reading
Another quiet session in a week full of them. The S&P 500 gained 0.23% and the NASDAQ 0.38% as morning weakness was bought. This is a good sign again, but these gains are of a grinding nature. Existing home sales for April fell 3.3%, missing an expected 1% gain to 5.24 million units. Earlier in the week, reports showed home builder sentiment fell in May, but housing starts for April came in much better than expected.Continue reading
It was another quiet session as there was very little reaction to the Federal Reserve minutes which basically reinforced what everyone expected – there will be no rate hike coming in June. There was a momentary spike when this news was released but almost all of that was sold within an hour. The S&P 500 dropped 0.09% while the NASDAQ added 0.03%.
Federal Reserve officials believed it would be premature to hike interest rates in June even though most felt the U.S. economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting released on Wednesday. The central bank debated whether a slew of disappointing data, including weak consumer spending, signaled a temporary slump or evidence of a longer-lasting slowdown, with most participants agreeing economic growth would climb to a healthier pace and the labor market would strengthen.Continue reading
It was a very quiet session at the index level for the markets as the S&P 500 fell 0.06% and the NASDAQ 0.17%. Indexes stayed around the flat line all session. There are Federal Reserve minutes to be released tomorrow but there is a slow down of macro news right now. April’s housing starts totaled 1.135 million in April, nearly a seven-and-a-half year high and above the 1.020 million estimate. The beat follows weak readings of little above 900,000 in February and March.Continue reading
Indexes posted moderate gains Monday as a mixed morning led to afternoon buying; that is the pattern one wants to see. The S&P 500 gained 0.30% and the NASDAQ 0.60% as news flow was very light. For the year the S&P 500 is 3.4% higher and the NASDAQ is up 7.2% – but it has not been easy sledding in 2015. Fed Bank of Chicago President Charles Evans repeated his call to hold interest rates near zero until early 2016 at a speech in Stockholm.Continue reading