The Philly Fed's Business Activity Index improved from -24.0 in February to -17.4 in March, better than the expected rise to -19.0. A reading below zero indicates output is shrinking. New orders grew from -10.9 to -9.3. Prices paid rose from 46.6 to 54.4, but prices received fell from 24.3 to 21.2, suggesting pricing pressures remain elevated. The report indicates that manufacturing in the mid-Atlantic region remains at levels that depict contraction.
The Leading Index declined 0.3% in February, as expected, while January was revised lower. The index has fallen for five-straight months and has also declined in six of the past seven months, signaling growth is quickly slowing down and may be stalling.
The Dow Jones Industrial Average rose 262 points (2.2%) to close at 12,361, the S&P 500 Index gained 31 points (2.4%) to 1,330, and the Nasdaq Composite advanced 48 points (2.2%) to 2,212. Crude oil lost $0.70 to $101.84 per barrel, and gold ended down $35.10 at $910.20 per ounce. For the week, the DJIA closed 3.4% higher, the S&P 500 Index rose 3.2%, while the Nasdaq Composite gained 2.1%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
