The S&P 500 finished at its thirteenth new high so far this month yesterday. This is already the most new highs ever during the month of January (the previous record was 11 in 1964) and it is the first month since February 1998 to see 13 new highs. The most ever new highs for any month was June 1955 at 16. (LPL)
The Commerce Department said sales of new single-family homes fell 9.3% in December. New home sales increased 8.3% in 2017. In December, there were 295,000 new homes on the market, an increase of 3.9% and the highest level since April 2009. At December's sales pace it would take 5.7 months to clear the supply of houses on the market.
The Conference Board Leading Economic Index for the U.S. increased 0.6% in December to 107. This points to a continuation of strong economic growth in the first half of 2018. The passing of the tax plan is likely to provide even more tailwind to the current expansion. The gains were widespread, with most of the strength concentrated in new orders in manufacturing, consumers’ outlook on the economy, improving stock markets and financial conditions.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.