Economic Journal - Monday, 2/27/2017Submitted by Miller Financial Group, LLC on February 27th, 2017
The Dow is coming off its 11th consecutive winning session and a 3rd straight weekly advance to begin a new trading week. In the early going, neither buyers nor sellers are grabbing much traction as both the Dow and S&P500 have opened relatively flat. There will be plenty of news for investors to chew on this week with several Fed members scheduled to speak, a handful of economic releases throughout the week and President Donald Trump’s speech before Congress on Tuesday night. The Durable Goods Orders Report was released this morning and it showed that business investment was weak in January. Orders for durable goods were up 1.8% in January but the gain were due mostly to an increase in contracts for commercial jets and military planes. Without transportation results, durable orders declined 0.2% which indicates that business spending was lower at the start of the year. Also out this morning was a report on pending home sales which slumped in January. These reports are the first of several economic reports scheduled this week. All eyes will be on President Trump’s speech on Tuesday night looking for details on campaign promises of overhauling the tax code and the health care system. Oil prices are pushing higher this morning. Stocks in Europe are mixed while most indices in Asia are in the red.