The 1st quarter GDP was revised downward about as expected, with the number coming in at a negative 0.7% (the negative revision in the final sales component being the most disturbing). So just like last year’s first quarter, the economy starts the year in the hole. The most surprising/distressing trend seems to be the slowdown in retail sales. Seems like no one is buying anything (ok, guys you can add the obligatory “they haven’t met my wife comment right here”).
Regardless, stocks struggled once again today, and other than the rebound day that we saw on Wednesday, it was a lousy week for stocks. By the close, the Dow Jones Industrial Average was down 99 points to finish the day at 18,026. The S&P 500 was down 11 points to close at 2108. Gold was up $1 to trade at $1190 per ounce, while oil was up $2.54 to trade at $60.22 per barrel WTI.
Once again the month ends with a thud, as have most months so far in 2015. Market participants will turn their attention to the job situation next week. This week’s economic data wouldn’t seem to provide the Fed with the kind of good news that they need to begin raising interest rates. Let’s see if the employment picture gives them what they need.
Have a great weekend everyone.