Description: The article is about fifth third login. The passage mainly talks about the big economic news happened in last week. Industrial and energy stocks were the big gainers,consumer staples stocks fell sharply and technology stocks experienced a notable pullback late week
I’m director of investments at Fifth Third Bank in Chicago. The S&P 500,Dow Jones Industrial Average and the Nasdaq Composite Index started the week strong,they posted declines on Thursday and Friday and ultimately ended higher week over week.
Industrial and energy stocks were the big gainers,consumer staples stocks fell sharply and technology stocks experienced a notable pullback late week. Investors kept their eye on earnings releases. With equity market strength early in the week,it partially attributed to positive sentiment around first quarter earnings season.
As of the close of the market on Friday,87 companies in the S&P 500 have reported earnings,80 percent of those companies who reported had positive earnings per share surprises compared to consensus estimates. The benchmark ten-year US Treasury yield closed higher at two point nine six percent,it was the highest level since 2014.
Federal Reserve officials,strong economic news and a rally in commodity prices including West Texas Intermediate crude oil closing at over $68 per barrel all played a part in lower bond prices. In economic news,several officials of the Federal Reserve delivered speeches last week along with the release of the Federal Reserve’s Beige Book.
Both Fed officials and the beige book reflected on trade tensions,however trade is not expected to have significant influence on Fed policy. Fed officials continue to express confidence that inflation is close to hitting the 2% target. In other economic news,US retail sales rose by more than expected exceeding estimates and posted the first gained in retail sales in the past four months.
The advance of 0.6 percent in march supports the Federal Reserve’s view that softness in consumer spending in recent months was transitory. U.S. new home construction gained more than expected in March,volatile multifamily home construction was a highlight of housing starts rising 14.4% following a decline of 10.2% in February.
Building permits is a measure of future construction of all types of homes followed suit with a message of health for the housing market,it posts a gain and beats estimates.
We’ll watch for the release of u.s. first quarter GDP,consensus estimates US growth at a two percent annualized rate down from 2.9 percent in the fourth quarter. We’ll take a look at the durable goods orders release along with additional data on the health of the US housing market.