Tuesday’s Closing Look

Stocks fell on Tuesday as the world waited for President Trump to deliver his first official speech to Congress. Economic news was mixed. The second reading on Q4 2016 GDP came in at 1.9%, missing estimates for 2.1%. The S&P Corelogic Case-Shiller Home Price Index came in at 0.9%, beating estimates for 0.7%. Elsewhere, Chicago PMI came in at 57.4, beating estimates for 53.0. The Richmond Fed Manufacturing index came in at 17, higher than the last reading of 12. Finally, consumer confidence jumped to 114.8, easily beating the Street’s estimate for 111.3.

Gary’s Thoughts: Russell was down the equivalent 300 DOW points with A/D 669-2303 on the NASDAQ and 1051-1881 on the NYSE. We will leave it at that.