The Closing Look

Stocks were relatively quiet on Tuesday as the Fed began its two day meeting and investors digested the latest round of mixed earnings and economic data. U.S. durable goods orders rose +0.8% in March, missing estimates for a gain of +1.6%. Consumer confidence fell to 94.1, and missed estimates for 96. The PMI Service Flash index came in at 52.1, almost inline with the Street’s estimate of 52. The S&P Case Shiller Index came in at 0.7%, matching estimates for 0.7%. Meanwhile, the Richmond Fed Manufacturing Index came in at 14, beating estimates for 12. After Tuesday’s close Apple reported earnings.

Gary’s Take: Commodities, commodities and more commodities! Energy really starting to perk up now…even more!