Philly Fed Manufacturing Index fell sharply, dropping from 43.4 in March, which was the highest since 1984—to 18.5 in April. Economists had expected the index to decline to 36.9, but the report continued to depict expansion in business activity as denoted by a reading above zero. The index fell as new orders dropped 21.5 points to 18.8, while shipments declined 5.8 points to 29.1 and prices paid declined from 63.8 to 57.1. Also, inventories decreased to 1.7 from 12.0 and employment declined 5.9 points to 12.3.
The Conference Board’s Leading Economic Indicators for March rose slightly more than expected, increasing 0.4% month-over-month, compared to the 0.3% rise that economists expected, following an upwardly revised 1.0% gain in February. This was the ninth straight monthly advance for the index, led by increases in building permits, pace of deliveries, and a favorable yield curve.
The Dow Jones Industrial Average gained 52 points (0.4%) to 12,506, the S&P 500 Index was 7 points (0.5%) higher at 1,337, and the Nasdaq Composite added 18 points (0.6%) to 2,820. WTI crude oil rose $0.84 to $112.29 per barrel, and the Bloomberg gold spot price increased $3.25 to $1,505.65 per ounce. For the week, including dividends, the DJIA and the S&P 500 Index were 1.4% higher and the Nasdaq Composite gained 2.0%.
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