Succinct Summations of Week’s Events 8.29.14

Succinct Summations week ending August 29th


1. S&P 500 crossed 2,000 for the first time ever and took just 94 days to climb from 1,900 to 2k.
2. Pending home sales rose 3% m/o/m vs expectations of a 0.5% rise.
3. 2Q GDP rose 4.2% annualized vs expectations of a 4% rise.
4. Durable goods surged 22.6% the biggest increase and highest level since 1992 (due to an expected big increase in aircraft orders
5. Consumer confidence rose to 92.4, the highest level since October 2007.
6. Richmond manufacturing index came in at 12, the highest level since March 2011.
7. June durable goods were revised up to 2.7% from a previous reading of 0.7%.
8. Markit’s flash service sector activity came in at 58.5 v 58 expected.
9. Initial jobless claims fell by 1,000. The 4-week average is down 1,250 to 299,750.
10. Chicago PMI came in at 64.3 vs 56.5 expected.


1. New single-family home sales fell 2.4%, the slowest pace in four months.
2. Case-Shiller home prices fell 0.2%, the second straight month of declines.
3. New home sales came in at SAAR of 412k v the 430k expected.
4. Durable goods ex-transportation fell 0.8%
5. July personal income rose 0.2% vs expectations of a 0.3% rise.
6. Personal spending fell 0.1% vs expectations of a 0.2% rise.

Thanks, Batman!

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