Succinct Summations of Week’s Events (March 29, 2013)

Succinct Summations week ending March 29, 2013.

Positives:

1) U.S. markets shrug off Cyprus related news and hit all time highs.
2) Dow climbed to all-time highs — up 11.25% in Q1 (11th best Q1 in 114 years).
3) S&P 500 rose 10% in Q1 — all-time closing high on Thursday.
4) S&P Case-Shiller home price index rose 1% in January 8.1% YoY
5) University of Michigan consumer confidence surges to 78.6
6) Consumer Spending rose 0.7% in February — biggest gain in 5 months.
7) Personal Income up 1.1% in February (Est 0.8%).
8) Q4 GDP gained 0.4%
9) Total Durable Goods Orders rose 5.7%
10) Dallas Fed general business activity index 7.4 vs expectations of 3.2

Negatives:

1) Q4 GDP gained 0.4% v expectations of 0.5%.
2) Durable Goods Ex-Transports down 0.5% v expectations for a 0.7% rise.
3) Initial jobless claims jump to 357k
4) Pending home sales fall in February by 0.4% v expectations of a 0.3% decline; Sales up 5% Y/Y, missing expectations of 8.7%.
5) Cyprus mess continues, limits withdrawals to 300 euros a day.
6) Chicago PMI index of Midwest Mfr falls to 52.4 (expectations were 56.5).
7) German retail sales declined by 2.2% in February v a 2.5% gain in January.
8) European bank stock index fell 11 of the past 13 sessions.
9) German unemployment rose 13k in March v an expected drop of 2k.
10) Athens Stock Exchange fell over 6.5% from last Friday’s close.

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