May 19, 2014

Morning Market Report

Mixed results on the the markets off the back of new US housing data.

The market is down 37 points. The Dow Jones was up 45 points at 16,491 — the market fell on the open and range traded on mixed economic data before a late afternoon rally. The late rally was said to be due to a combination of monthly options expiration, short covering and technical factors. The energy sector was weaker while telecom and technology stocks outperformed. Volume was higher than average in an 84 point range.

US economic data was mixed — Housing data was positive with both building permits and housing starts above expectations but consumer sentiment fell to 81.8 from 84.1 previously, compared to an expectations of a rise to 84.5.

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