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Afternoon Note

Industrial Expansion

By Charles Payne, CEO & Principal Analyst
5/16/2017 1:12 PM
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The markets are mixed after the Dow & S&P500 (which reached an all-time high) have been in and out of positive territory all day. The Nasdaq, which also reached a record high, is in the green helped by tech giants such as IBM and Microsoft. The Dow is being boosted by the better than expected earnings result from Home Depot (HD). Healthcare is a drag after Pfizer (PFE) was downgraded to a Sell from Citi and the sector is down .5%. Decliners outpace advancers 1585/1191on the NYSE and 1511/1234 on the Nasdaq.

Industrial production expanded 1% in April, the fastest monthly pace in more than three years. Manufacturing output gained 1% after a 0.4% decline in March, mining production rose 1.2% after a 0.4% fall in March, and utility output rose 0.7% after jumping 8.2% in the prior month. 

The data should offer some relief to investors who were disappointed from the ISM manufacturing index for April, released earlier this month.




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