The three major US equity benchmarks including the Dow Jones Industrial Average, S&P 500, and Nasdaq rose to new records as the divergence between macroeconomic data and financial indices grows wider. Equities shrugged off the data even after February proved the worst month for US economic indicators since 2011. The rise in personal income missed forecasts, but personal spending down contracting more estimated will be a drag on the economy in coming months. Although west coast ports have reopened following the standoff between the union and employers ending, the backlog continues to slow the flow of goods through the American economy. Manufacturing indices were still in expansionary territory, but manufacturing employment fell more than forecast, missing estimates by a wide margin.
Nasdaq Climbs to Record High
Daily Analysis - 03/03/2015