Construction of new homes fell
Want a simple example of what we mean by the current lack of market volatility? Last year at this point the S&P 500 index had closed down 1% or more 17 times. Only once so far, this year. (S&P)
Construction of new homes fell by 2.6% in April to an annual rate of 1.17 million units. That is a second straight month of declines and pushes activity to the lowest level in five months. The weakness was led by a big drop in construction of apartments. (Commerce Department)
Home Depot reported earnings per share of $1.67 on revenue of $23.89 billion. Same-store sales grew by 5.5%. Home Depot stock has climbed more than 18% over the past 12 months. (CNBC)
Industrial production in April grew 1%, the fastest pace in more than three years as manufacturers and mines/oil recovered from a March downturn. Factory production rose 1%. Mine/oil production increased 1.2%. Utility output rose 0.7%. Factory production has risen three of four months this year. Manufacturing has recovered from a rough patch in late 2015 and early 2016 caused by cutbacks in the energy industry and a strong dollar, which makes U.S. goods costlier in foreign markets. (Federal Reserve)
The S&P 500 is down 12 and the NASDAQ is down 24. The MSCI international index is down.
Oil is up 27 cents at $48.93 a barrel.
Gold is up $12 at $1249 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
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