The bulls are pushing the market higher today despite a slightly disappointing jobless claims numbers as a better-than-expected housing report helped offset the news.
Initial Claims came in 388,000 which represent a drop of 1,000 claims from a revised 389,000 the week before. Continuing Claims declined fell 3,000 to 331,000. The main number we were looking at was the 4-week moving average which rose to 382,000 from 375,000.
This led to a weak open but Pending Home Sales helped stabilize things. For the month of March, pending sales were up 4.1% from the prior month versus expectations for an increase of 1%. This was a big surprise which gave the bulls continued momentum.
However, the major indexes are still struggling with resistance.
As we head to press, the Dow is up 56 points to 13,146 while the S&P 500 is higher by 2 points to 1,393. The Nasdaq is showing a gain of 6 points and is at 3,035.
We have a lot to cover today so let’s get to it.