Stocks kicked off 2019 with a bang, but markets will need improving economic data to make a run at last year's records.
Stocks kicked off 2019 with a bang as U.S.-China trade tensions simmered while the Federal Reserve signaled patience in raising rates. However, stocks will need improving economic data to make a run at the record levels set last year.
"What the market needs and must have is a spate of data suggesting the economy continues to expand, albeit slowly, but not stalling," said Quincy Krosby, chief market strategist at Prudential Financial."That worry that the economy could stall out has the market worried." Retail sales, a widely followed barometer of consumer health, unexpectedly rose 0.2 percent in January. However, December sales were revised down to show a 1.6 percent decline.
China has also agreed to bolster its purchases of U.S. agricultural products to try and narrow its trade surplus with the U.S., a sticking point of President Donald Trump. However, the two sides have yet to come to terms on key structural issues like intellectual property theft. Durable goods orders in the U.S., meanwhile, rose 0.4 percent in January to surpass economist expectations. Constriction spending also rose 1.3 percent in January in to mark its biggest gain in nine months.
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