Gold Silver Reports (GSR) – U.S. Stocks Move Higher on Brisk Factory Output — U.S. stocks broke out of their four-day slump as traders looked past White House turmoil to reports of better-than-expected factory output, which pushed 10-year Treasury yields higher and helped the dollar erase losses.
The S&P 500 Index rose Friday, led by financial and industrial stocks. Tech shares lagged, dragging down the Nasdaq 100 Index. Trading today may be subject to unexpected swings in soaring volume because of a quarterly event known as “quadruple witching,” when futures and options contracts on indexes and individual stocks expire.
U.S. factory production bounced back in February, exceeding estimates and showing a key part of the economy is on track for steady growth this quarter, according to Federal Reserve data. Additionally, the University of Michigan consumer survey indicated that Americans expect an inflation rate of 2.9 percent in the year ahead, the highest readout since March 2015. Those data points, combined with rising consumer sentiment, could play into next week’s Fed rate announcement.
“We had a really good earnings season, but when it starts to come to the end and it’s real quiet, we have to look for what other data points and what other information is out there,” Jeff Carbone, co-founder and managing partner of North Carolina-based Cornerstone Wealth, said by phone. “Right now, the biggest one is going to be with the new Fed chairman, Powell. He did testify in Washington and now it’s going to be his second meeting, but really the first with full anticipation of the first rate hike under his tutelage right now.”
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The Washington Post reported overnight that President Donald Trump plans to remove his national security adviser, something the White House press secretary later denied was happening.
European equities gained after Asian shares slipped, with equities traders showing little conviction. West Texas crude jumped above $62 a barrel as signs of stronger U.S. fuel consumption balanced OPEC’s forecasting for the first time that new supplies from its rivals will exceed demand growth this year. The euro pared an advance after the region’s inflation figures were revised downward. The yen gained, gold fell. – Neal Bhai Reports (NBR) INDIA
