ECONOMIC CALENDAR:Monday: Personal Income and Outlays, Pending Home Sales Index, Dallas Fed Mfg. Survey Tuesday: S&P Case-Shiller HPI, Chicago PMI, Consumer Confidence Wednesday: Motor Vehicle Sales, ADP Employment Report, PMI Manufacturing Index, ISM Mfg. Index, Construction Spending, EIA Petroleum Status Report Thursday: International Trade, Jobless Claims, Janet Yellen Speaks 8:30 AM ET, Factory Orders Friday: Employment Situation, U.S. Stock Market Closed
Quote of the week:
“Courage is being scared to death, but saddling up anyway.” – John Wayne
- Durable goods orders drop in February. Orders for big-ticket manufactured goods like cars, electronics, and appliances sank 1.4% last month. The drop indicates that U.S. companies were cautious about weak global demand.
- Consumer sentiment falls in March. A measure of confidence among U.S. consumers fell, indicating that Americans may be worried about their prospects this quarter.
- Existing home sales rebound less than expected in February. While sales rose last month, a persistent shortage of available properties restrained selling activity. Though warmer weather should boost sales, higher prices stemming from low housing inventory might curb buyers’ appetites.
- New home sales jump in February. Sales of new single-family homes surged last month to the highest level in seven years. The rush of sales despite the cold winter is a hopeful sign for the housing market.