$DIA, $SPY, $QQQ, $RUTX, $VXX
FLASH: President Trump’s policies are working, America’s consumes are confident.
The US economy expanded at a 2.8% annualized rate in Q-1 based on data that showed domestic retail sales grew at their strongest pace in 1.5 years in March, the Atlanta Federal Reserve’s GDPNow forecast model showed Thursday.
This was faster than the 2.4% pace for Q-1 that that the Atlanta Fed’s GDP program calculated Wednesday.
The revision came just after US retail sales increased by the most in 1.5 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the Q after a slow start.
The economy’s enduring strength was reinforced by other data Thursday showing the number of Americans filing applications for unemployment benefits dropped to the lowest in 50 years last week. Fears of an abrupt slowdown in growth escalated at the turn of the year after a batch of weak economic reports.
They were also exacerbated by a brief inversion of the US Treasury yield curve in late March. But those concerns have dissipated in recent weeks amid fairly upbeat data on trade, inventories and construction spending that have suggested growth last Quarter could be better than the moderate pace logged in Q-4 of Y 2018.
The Fed’s Beige Book report of anecdotal information on business activity collected from contacts nationwide showed some of the central bank’s districts reported strengthening.
Thursday, the major US stock market indexes finished at: DJIA +110.00 at 26559.54, NAS Comp +1.98 at 7998.05, S&P 500 +4.58 at 2905.03
Volume: Trade on the NYSE came in at 872-M/shares exchanged
As a reminder, the US stock market will be closed tomorrow for Good Friday. Investors will receive Existing Home Sales for March on Monday.
- NAS Comp +20.5% YTD
- Russell 2000 +16.1% YTD
- S&P 500 +15.9% YTD
- DJIA +13.9% YTD
HeffX-LTN’s overall technical analysis for the major US stock market indexes is Bullish at the week ended 18 April 2019
Have a Happy Easter Holiday Weekend.