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Indices kicked off the week mixed, with the Dow Jones Industrial Average trading fractionally lower, while the S&P 500 Index and NASDAQ Composite added slight gains for the session. Meanwhile, crude oil climbed to a six-month peak level. West Texas Intermediate crude tacked on 2.6% to settle at $65.73 per barrel. In housing news, the National Association of Realtors showed existing home sales decreased by 4.9% to an annual rate of 5.21 million units in March. Economists had forecast a lesser dip of 3.8% to a rate of 5.30 million. Tuesday was the day for gains as the S&P 500 and NASDAQ ended trading at new record levels. Continuing with housing data, the Commerce Department showed new home sales jumped up 4.5% to an annual rate of 692,000 units in March, a level not seen since November 2017. The high was short-lived as the major indices landed in the red zone on Wednesday after a choppy session. The Energy and Basic Materials sectors led the market lower. Indices traded with mixed moves on Thursday, with the Dow Jones Industrial Average and S&P 500 Index closed slightly in the red while the NASDAQ posted gains. Durable goods orders ticked up in March, as orders for manufactured products jumped 2.7%. Up from a downswing in February, the results were better than expected. The market swung to the positive on Friday with favorable GDP data that offset less-than-optimum earnings. According to the Bureau of Economic Analysis, first-quarter gross domestic product expanded by 3.2%. Economists had anticipated a lesser expansion of 2%. On another note, consumer confidence slipped in April. The University of Michigan’s consumer sentiment index fell to 97.2 from 98.4 in March.
By Henssler Financial5
1313 ratings
Text us your financial questions!
Indices kicked off the week mixed, with the Dow Jones Industrial Average trading fractionally lower, while the S&P 500 Index and NASDAQ Composite added slight gains for the session. Meanwhile, crude oil climbed to a six-month peak level. West Texas Intermediate crude tacked on 2.6% to settle at $65.73 per barrel. In housing news, the National Association of Realtors showed existing home sales decreased by 4.9% to an annual rate of 5.21 million units in March. Economists had forecast a lesser dip of 3.8% to a rate of 5.30 million. Tuesday was the day for gains as the S&P 500 and NASDAQ ended trading at new record levels. Continuing with housing data, the Commerce Department showed new home sales jumped up 4.5% to an annual rate of 692,000 units in March, a level not seen since November 2017. The high was short-lived as the major indices landed in the red zone on Wednesday after a choppy session. The Energy and Basic Materials sectors led the market lower. Indices traded with mixed moves on Thursday, with the Dow Jones Industrial Average and S&P 500 Index closed slightly in the red while the NASDAQ posted gains. Durable goods orders ticked up in March, as orders for manufactured products jumped 2.7%. Up from a downswing in February, the results were better than expected. The market swung to the positive on Friday with favorable GDP data that offset less-than-optimum earnings. According to the Bureau of Economic Analysis, first-quarter gross domestic product expanded by 3.2%. Economists had anticipated a lesser expansion of 2%. On another note, consumer confidence slipped in April. The University of Michigan’s consumer sentiment index fell to 97.2 from 98.4 in March.
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