The markets kicked off the week with mixed moves as the Dow Jones Industrial Average and S&P 500 Index shed some points while the NASDAQ posted gains. The Financials and Telecommunication sectors led the downswing while the Healthcare sector stepped up. Indices closed in green territory on Tuesday with the Energy and Financial sectors leading the upswing. The Conference Board’s Consumer Confidence index hit 125.6 in March, its highest level since December 2000. Up from 116.1 in February, the reading exceeded a forecast of 116.5 and consensus expectations for 113.9. Midweek brought mixed moves as several Energy stocks posted gains. Crude oil prices climbed following the release of inventory data from the Energy Information Administration. Their report showed reserves increased by a less-than-anticipated 900,000 barrels over the past week. Stocks were broadly steady in trading on Thursday and ended the day slightly up, despite a pullback in the Chinese domestic markets. Indices ended trading in the red on Friday and down for the month, but well up in the first quarter. According to the report from the Bureau of Economic Analysis, personal spending rose 0.1%, half the amount anticipated, while personal income ticked up 0.4% in February, as expected. However, the year-over-year PCE has risen 2.1%, reaching the Fed’s 2.0% inflation target for the first time in almost five years. Consumer sentiment climbed in the final reading for March. The University of Michigan’s index registered a 96.9, from a prior estimate of 96.3. Economists expected a jump to 97.2. Furthermore, Midwestern manufacturing activity ticked up in March. The Chicago Purchasing Managers index rose to 57.7 from 57.4 in February, versus estimates of a decrease to 56.9.
