Despite the weak economic reports, the US stock market keeps increasing which seems like a reoccurring theme. Despite the fact the slow economic growth, investors still think about how the Federal Reserve pumps money into the financial market.
Chief equity strategist, Terry Sandyen said “What’s more, most investors have come to expect choppy economic growth, so they take mildly disappointing reports in stride; it’s a good backdrop for the market to trend higher.” The standard & poor’s 500 index increased by 7 points to 1,656 which is an estimated 0.4%. While the Dow Jones industrial average boasted to up to 42 points to 15,257 of 0.3 %.
The U.S factories are said to cut back sharply on production in April including automakers and other industries according to the Federal Reserve. Manufacturing outputs dropped to 0.4 % in April marking the biggest and third drop in four months since October.
A number of nine industries in the S&P 500 edged higher, energy stocks were an exception as falling oil prices were a part of the lower group.
The price of crude oil fell 20 cents to $94 a barrel. Crude oil prices dropped 20 cents to $94 a barrel. Macy’s increased by 3%, $1.34 to $48.73 .Macy’s department store increased in its quarterly divided by a nickel to 25 cents as they plan to buy an additional $1.5 billion of its own stock.
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