Jobless Claims Down, Mid-Atlantic Factory Activity Up

Jobless Claims Down, Mid-Atlantic Factory Activity Up

$DIA, $SPY, $QQQ, $RUTX, $AAPL, $MU, $VXX

FLASH: The S&P 500 closed at its highest mark this year.

The S&P 500 gained 1.1% Thursday, bolstered by the notion of a Dovish Fed and persistently low US Treasury yields. Leadership from the S&P 500 information technology sector (+2.5%), driven by gains in Apple and Micron also helped carry buying momentum throughout the day.

The number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to still strong labor market conditions, though the pace of job growth has slowed after last year’s robust gains.

Other data Thursday showed a measure of factory activity in the mid-Atlantic region rebounding sharply this month after falling into negative territory in February for the 1st time in more than 2.5 years. But manufacturers’ perceptions about the outlook were the least favorable in 3 years and their expectations for capital spending were also less upbeat.

These findings support the view that the manufacturing sector is slowing in line with softening economic growth.

Thursday, the major US stock market indexes finished at: DJIA+216.84 at 25962.51, NAS Comp +109.99 at 7838.95, S&P 500 +30.65 at 2854.88

Volume: Trade on the NYSE came in at 891-M/shares exchanged

  • NAS Comp+18.1% YTD
  • Russell 2000 +15.9% YTD
  • S&P 500 +13.9% YTD
  • DJIA +11.3% YTD

HeffX-LTN’s over all technical outlook for the major US stock market indexes is Bullish in here.

Stay tuned…

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