Dreadful Philly Fed
The index fell to its lowest reading since November 2010.
New orders caved, and the number of employees, inventories, unfilled orders and shipments slipped.
By contrast, the leading indicators rose by 0.4%, a tick better than expected. This is the ninth consenctuve rise for the index.
Dissecting the GE Beat
The beat came from GE Capital, while the industrial margins were weaker than expected.
Jobless Claims Disappoint Again
With the markets advancing, however, there is little skepticism at all on the jobs number.
Jobless claims disappointed again today at 403,000 vs. expectations under 390,000.
Two weeks ago, the excuse was end-of-quarter "adjustments," but with the markets advancing, there is little skepticism at all on the jobless claims number -- or any number for that matter!
Quick Read on SunTrust
Similar to PNC Financial, SunTrust beat on the top and bottom lines.
The tension between cyclical tailwinds and nontraditional headwinds is having a salutary resolution for the bulls.