Financial Review

Slipping from Highs


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…..Personal income, consumer spending and inflation inch higher in April. FICO scores back at 2005 levels. Home prices up 5.8% in March. Consumer confidence down. Fed likely to hike rates in two weeks. Amazon tops $1,000 per share; Alphabet close behind. British Airways back on schedule. Payless closing more stores. Goldman Sachs props up Venezuelan bad guy. SCOTUS, once you buy it, it’s yours to do what you want.   Financial Review by Sinclair Noe for 05-30-2017 DOW – 50 = 21,029 SPX – 2 = 2412 NAS – 7 = 6203 RUT – 11 = 1371 10 Y – .03 = 2.22% OIL – .04 = 49.62 GOLD – 4.00 = 1263.80 Stocks inched lower, with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors outweighed gains in technology shares. Aided by rising incomes and tax refunds, Americans boosted spending in April at the fastest clip since the end of 2016 and monthly inflation rebounded but remained fairly low due to lower oil prices. Personal income rose 0.4 percent in April, in line with expectations, and consumer spending increased by 0.4 percent. Americans spent far less in the first three months of 2017, inducing the economy to slow to a paltry 1.2% rate of growth. Although spending in March was revised up to show a 0.3% increase instead of no change, outlays barely rose in the first two months of the year. The personal consumption expenditures price index, the Federal Reserve’s preferred ...
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Financial ReviewBy Sinclair Noe