Today’s focus was the economic data. The broad indexes scored new multiyear highs Thursday, aided by several upbeat economic reports, although volume backed off from its recent pace. Stocks continue to make good progress with all of the key indices comfortably above their uptrending 50-day moving averages and significantly above their 200-day moving averages. Remember we are good as long as we continue to hold above the S&P 1,376 breakout level.
The Dow Jones industrial average rose 0.4%, with some help from Bank of America’s 5% gain. The Nasdaq added 0.5% and the S&P 500 rose 0.6%, topping the 1400 mark for the first time since June 2008.
Initial jobless claims fell by 14,000 to 351,000 in the week through March 10, the government said. That was the lowest in four years, a welcome sign that the labor market is finally steadying up. A Fed report showed that New York-area manufacturing grew in March at the fastest pace since June 2010. Also, the Philadelphia Fed’s regional factory index rose to 12.5 in March vs. 10.2 in February.
Some interesting reads –
S&P 500 Tops 1400 (RUE)
Jobless claims drop 14K (MW)
Wholesale prices climb 0.4% (MW)
March Empire State index rises (MW)
Obama may tap oil reserves (REU)
Treasuries in longest losing streak in five years (BL)
Eurozone employment falls 0.2% (DBG)
And Finally – What’s tomorrow?