More great news from the manufacturing sector as the Empire State Manufacturing Index came in substantially better than expected.
On the employment front, initial claims for the week ending March 10th were in line with estimates, down by 4,000 to 226,000. The four-week moving average for initial claims, which is a better gauge, decreased by 750 to 221,500. This is now 158 consecutive weeks that claims have come in under 300,000. This is setting up for another good nonfarm payroll report for March.
As for continuing claims, for the week ending March 3, claims were up by 4,000 to 1.879 million, while the four-week moving average declined by 17,250 to 1,890,750.
Import/export prices are both up in February. Non-fuel prices propelled import prices higher in part to the lower greenback.
At midday, the markets are all firmly in the green. Last night’s earnings release by Williams Sonoma (WSM), coupled with this morning’s release by Dollar General (DG), helped support equites on the open. The Dow briefly gave up its gains after the open and was down 5 points before rocketing 295 points to 25,053. Boeing (BA) helped lead the charge after it retested yesterday’s low at$ 322. It has now formed a double bottom and a break above $335 will be constructive. The stock is currently trading at $331.40. Support on the Dow at 24,750 looks like it has held for the moment. Resistance comes in at today’s high of 25,053 and then 25,218.
|SS. Is not broke, it has been robbed by|
Lee Earp on 3/15/2018 1:18:48 PM
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