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(EMAILWIRE.COM, April 18, 2013 ) San Francisco, CA -- United States stocks rose recently, following the two-day slide of the S&P 500 Index as the new
home construction numbers have increased. Investors are now awaiting the start of the Federal
Reserve meeting.
“Housing is going to provide a positive backdrop to the macroeconomic environment and as
such stocks,” Michael Mullaney, the chief investment officer at Fiduciary Trust in Boston, which
manages about $9.5 billion of assets, said in a phone interview. “We don’t think that the market
is in any serious condition for a significant sell-off. If it does pull back it will just be a buying
opportunity at lower prices.”
The Federal Open Market Committee has begun a two-day meeting. Policy makers reached an
agreement in December to link record-low interest rates to the threshold for unemployment and
inflation to allow the investors, as well as households to know what conditions will prompt the
Federal Reserve to consider rate raises in the future.
Builders have broken ground on 917 homes on the annual rate, which shows a 0.8% increase
fro the revised 910,000 that was set in January. The Commerce Department also reports that
building permits for future construction rose 4.6% to 946,000, which is the strongest seen in five
years.
U.S. Stocks fell early in the week as the Cypriot bank incited a levy that sparked concerns
across the euro area regarding debt crisis.
“We are talking about a one-off levy,” Simon O’Connor, spokesman for EU Economic and
Monetary Affairs Commissioner Olli Rehn, told reporters in Brussels.
There has been a bull market for the last five months within the United States equities, and
the S&P 500 has risen over double from its low-point in 2009. The surge has been driven by
better-than estimated corporate earnings within various sectors, as well as three rounds of bond
purchases by the Fed. The S&P 500 rose two points in 2007 last week, while the Dow reached
an all-time high.
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Source: EmailWire.com
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