US Stocks sold off yesterday with the Nasdaq snapping an eight-session win streak, as a batch of disappointing manufacturing and housing data unsettled investors. However, the market remains in an uptrend, for now as talks between the U.S. and China progress and the Federal Reserve appears to be in a wait-and-see posture with interest rate hikes.
U.S. home sales fell in January to their lowest level in more than three years and house prices rose only modestly. The National Association of Realtors said existing home sales dropped 1.2 percent to a seasonally adjusted annual rate of 4.94 million units last month. That was the lowest level since November 2015 and well below analysts' expectations of a rate of 5.0 million units. The median existing house price increased 2.8 percent from a year ago to $247,500 in January. That was the smallest increase since February 2012.
Autos and airplanes boosted orders for U.S. durable goods in December, but demand was weak in other key manufacturing segments and business investment tailed off at the end of the year. Orders for long-lasting goods rose 1.2% in December which was worse than expected.
While most Americans are struggling to save for retirement and employee pension programs non-existent, members of congress, who are doing such a great job, receive a lifelong pension of $139,200 which is 100% tax payer funded. More evidence of a disconnect between lawmakers and mainstream America.
With Northwest Quadrant Wealth Management, I'm Tyler Simones