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Thursday’s Economic Data Signals a Growing Economy

#economic #growth #housing #emplyment #mega-cap #stocks

$DIA $SPY $QQQ $RUTX $VXX

Thursday’s action drew support from a better-than-expected housing starts and building permits report for December.

The NAS Comp (+0.6%) and S&P 500 (+0.03%) finished at fresh record highs Thursday on the strength in several Mega-caps

Apple (NASDAQ:AAPL) 136.87, +4.84, or +3.7% was the most influential mover on the day aided by a price-target increase to 152 from 144 at Morgan Stanley. 

Amazon (NASDAQ:AMZN) 3306.99, +43.61, or +1.3%, and Facebook (NASDAQ:FB) 272.87, +5.39, or +2.0%) joined in as the Mega-cap leaders and extended their weekly gainers to between 6-8%. 

The iShares US Home Construction ETF (NYSEArcs:ITB) 61.38, +0.90, or +1.5% and Philadelphia Semiconductor Index (+1.5%) closed at record highs.

The US Dollar Index (.DXY) declined 0.4% to 90.08. WTI Crude Oil futures declined 0.3%, or 0.16, to 53.12bbl.

US Housing starts increased 5.8% m/m in December to a seasonally adjusted annual rate of 1.669-M the strongest start since September 2006. 

Building permits rose 4.5% M-M to 1.709-M ) the strongest pace since August 2006.

The Key takeaway from the report is the growth was driven entirely by single-unit dwellings.

The Philly Fed Index jumped to 26.5 in January from an upwardly revised 9.1 in December from 8.5.

Thursday, the benchmark US stock market indexes finished at: DJIA -12.37 to 31176.01, NAS Comp +73.67 at 13530.92, S&P 500 +1.22 at 3853.07

Volume: Trade on the NYSE came in at: 890-M/shares exchanged.

HeffX-LTN’s overall technical outlook of the major US stock market indexes is Bullish with a Very Bullish bias in here.

  • Russell 2000 +8.4% YTD
  • NAS Comp +5.0% YTD
  • S&P 500 +2.6% YTD
  • DJIA +1.9% YTD

Looking Ahead: Investors will receive Existing Home Sales for December and the flash IHS Markit Manufacturing and Services PMIs for January Friday.

Have a healthy weekend, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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