Succinct Summations week ending August 29th

Positives:

1. S&P 500 crossed 2,000 for the first time ever and took just 94 days to climb from 1,900 to 2k.
2. Pending home sales rose 3% m/o/m vs expectations of a 0.5% rise.
3. 2Q GDP rose 4.2% annualized vs expectations of a 4% rise.
4. Durable goods surged 22.6% the biggest increase and highest level since 1992 (due to an expected big increase in aircraft orders
5. Consumer confidence rose to 92.4, the highest level since October 2007.
6. Richmond manufacturing index came in at 12, the highest level since March 2011.
7. June durable goods were revised up to 2.7% from a previous reading of 0.7%.
8. Markit’s flash service sector activity came in at 58.5 v 58 expected.
9. Initial jobless claims fell by 1,000. The 4-week average is down 1,250 to 299,750.
10. Chicago PMI came in at 64.3 vs 56.5 expected.

Negatives:

1. New single-family home sales fell 2.4%, the slowest pace in four months.
2. Case-Shiller home prices fell 0.2%, the second straight month of declines.
3. New home sales came in at SAAR of 412k v the 430k expected.
4. Durable goods ex-transportation fell 0.8%
5. July personal income rose 0.2% vs expectations of a 0.3% rise.
6. Personal spending fell 0.1% vs expectations of a 0.2% rise.

Thanks, Batman!

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

6 Responses to “Succinct Summations of Week’s Events 8.29.14”

  1. VennData says:

    Fort Hood shooter asks to be ‘citizen’ of Islamic State

    http://www.usatoday.com/story/news/nation/2014/08/29/fort-hood-shooter-islamic-state/14790297/

    All Islamists should be able to buy guns wherever and whenever they want. Right NRA?

  2. willid3 says:

    bad judge lost their job? seems they only wanted to clear the foreclosure cases, didnt care how, so they always took the easy way out. the home owner was always wrong. and lost

    http://www.nakedcapitalism.com/2014/08/mirable-dictu-florida-activists-help-depose-terrible-foreclosure-judge.html

  3. lucas says:

    1. New single-family home sales fell 2.4%, the slowest pace in four months.
    2. Case-Shiller home prices fell 0.2%, the second straight month of declines.
    3. New home sales came in at SAAR of 412k v the 430k expected.

    These numbers might have minus signs in front of them, but I would not call them negatives unless houses were fairly priced to begin with. In my community, all these so-called negatives are actually positives.

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