The S&P 500 closed in on a record high on Friday, as data revealed that new home sales in the United States had exceeded expectations.
Figures released by the Commerce Department showed that new home sales rose by 20.7% to an annual rate of 1.021 million units last month.
The surge comes after markets had initially expected sales to rise to a rate of 886,000 units in March.
Further signs of growth within the U.S. manufacturing sector also contributed to today’s rally, with IHS Markit saying its flash U.S. manufacturing PMI increased to 60.6 this month, which is the highest reading since 2007.
As of writing the S&P 500 was trading 1.13% higher.
Bitcoin falls to near 2-month low
Bitcoin prices fell for the fourth day this week following yesterday’s reports of Turkish exchange Those going offline.
Many now believe that the CEO of the exchange has disappeared with close to $2 billion of client funds, and as such brought disrepute to the ecosystem, similar to what we saw in the days of dark web exchanges like silk road.
BTCUSD hit an intraday low of $47,303 in today’s session, which is the lowest point it has traded since March 3rd.
In recent weeks, many have doubled down on their investments when prices have slipped, as such, some bulls are sure to remain despite this week’s drop.
UK Retail Sales beat expectations
The FTSE 100 was marginally up today as data released showed that Retail Sales in the United Kingdom for March was better than initially expected.
Figures from the Office of National Statistics showed that Sales rose by 5.4% in March prior to the UK easing its lockdown measures.
Many had expected a more muted rise from February to March, with most forecasts pencilling in a 1.5% increase.
The UK’s jobless rate had also fallen earlier this week, showing that the country may be set for a strong Q2 2021.
Quote of the day – “Bulls make money, bears make money, pigs get slaughtered.”– Unknown
Senior Market Analyst