The Commerce Department reports housing starts in March fell 6.8% to a seasonally adjusted annual rate of 1.22 million. That was 9.2% higher than a year ago, but below the 1.24 million expected by economists. But housing permits jumped 3.6% to a 1.26 million rate, suggesting stronger starts may be ahead. Permits were 17% higher than in March 2016.
Shares of Goldman Sachs are off 4.3%. That’s taken more than 50 points off the Dow Jones Industrial Average. The investment bank’s first-quarter results, fell short of Wall Street expectations. Shares of Johnson & Johnson Dow component, fell 3.4% after the company reported a drop in sales that offset stronger-than-expected profits. Those two companies were the biggest losers on the Dow.
The International Monetary Fund, in a report on the state of the global economy, nudged up its forecast for world growth this year a tenth of a percent to 3.5%, which will be the fastest rate in five years if correct.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
