By Matthew Kerkhoff
A subtle rebound in equity prices this week has put most major averages back inside their trading ranges, giving us little new information to work with in terms of price action. It seems the current holding pattern is slated to continue until we see more decisive developments arise.
On the economic front, data continues to whipsaw but for the most part remains positive.
Earlier in the week, durable goods orders (products that are not purchased frequently) rose by 3.4%. While much of this was a result of demand for passenger airplanes, other categories saw modest improvement as well.
Purchases of core capital goods, which is used as a proxy for business investment, rose 0.9% after falling for two straight months. While not robust, it signals the economy is chugging along.
The Case-Schiller home price index for May validated other measures of aggregate home prices, showing 4.4% year-over-year growth.
Weekly Jobless claims remained subdued, ... Log in or subscribe to continue reading.