3/30/15 Market Recap:
The markets began the week on a positive note yesterday, with broad advances among the major averages and individual sectors. Positive economic data was one of the primary reasons for yesterday’s move, with consumer income rising by .4% in February. Though consumer spending in the month was only up marginally, economists are hoping that the rise in income will translate into stronger spending in the future. The markets were also buoyed by deals in Healthcare, particularly the acquisition of pharmacy benefit manager Catamaran Corp. (CTRX) by healthcare giant UnitedHealth Group (UNH). UnitedHealth was up 2.5% in yesterday’s session. All four of the major averages rose by more than a 1% in yesterday’s trading, with the Dow gaining by 1.5%. Among the sectors, Energy and Financials showed leadership, rising by 2.1% and 1.4% respectively. The Dollar gained against the Yen and the Euro while Treasury yields increased slightly to 1.96%.
Futures are lowering this morning, the last day of the first quarter. Investor’s negative sentiment seem to be focused on oil prices, which are continuing their recent slide as the markets wait for the outcome of the Iranian nuclear talks. If Iranian sanctions are lifted, an increase in oil production and export is likely to follow resulting in oil falling further. On the economic front, investors will be digesting a slew of information set to release at different points this morning including home prices, manufacturing, and consumer confidence data. Overnight, the dollar is continuing to move higher against its counterparts while Treasury prices have increased slightly.
Don’t miss our President, Oliver Pursche, on Fox Business tonight at 6 PM when he joins Charles Payne for the hour to discuss the current environment and upcoming earnings season. And make sure to tune into Money Matters with Gary Goldberg this Sunday at 11 AM on WOR 710 AM Radio to hear our complete market and economic analysis. Visit www.ggfs.com for more details.