U.S. stocks posted broad-based gains Tuesday, snapping its eight-day losing streak, as investors cheered better-than-expected economic data. Attracting the most attention was a reading of consumer confidence in March, which soared to the highest level in more than 16 years. Separately, U.S. house prices roared to their highest in nearly three years as demand remains brisk.
U.S. house prices roared to their highest in nearly three years as demand remains hot, especially in the west. The S&P/Case-Shiller 20-city index rose 5.7% in the three-month period ending in January compared to the same period a year ago, an acceleration from its 5.5% yearly increase in December. The 20-city index was up 0.2% for the month, or a 0.9% gain when seasonally adjusted.
Yesterday BlackRock the world’s largest money manager said it would overhaul its actively managed mutual fund business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market. The world's biggest money manager has faced active stock fund withdrawals and the revamp is its biggest attempt yet to engineer a turnaround.
Oregon and North Carolina may be sneaker blue bloods thanks to Phil Knightand Michael Jordan, but the University of South Carolina has the biggest footwear and apparel deal among the Final Four teams in the men’s college basketball tournament. South Carolina will get roughly $8 million in cash and equipment from Under Armour this year, including roughly $4 million in cash and $4 million in gear.
With Northwest Quadrant Wealth Management I’m Tyler Simones