April 1st 2014 –S&P 500 Sets Fresh All-Time High

Stocks kicked off the second quarter with solid gains with the S&P 500 setting a fresh intraday record following a batch of economic reports.

Major averages logged a three-day win streak for the first time since February.

Stocks wrapped up a mixed first quarter, with the Dow ending in the red and the S&P and Nasdaq squeezing out moderate gains.

And with the start of a new month, investors are hoping that April will be brighter for stocks. According to market patterns, April is the best-performing month for the Dow, with the index posting an average gain of over 2 percent over the last 50 years.

U.S. manufacturing growth improved for the second month in March. The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.7 in March, which was up slightly from February’s read of 53.2 but below the expected 54.0 reading in a Reuters poll.

Construction spending edged up just 0.1 percent to an annual rate of $945.7 billion in February, according to the Commerce Department. Economists polled by Reuters had forecast construction outlays to be flat.

Bond prices slipped near session lows following the economic reports.

Elsewhere, factory activity growth slowed slightly in March after nearing a four-year high in February, according to financial data firm Markit, with the final U.S. Manufacturing Purchasing Managers Index slipped to from 57.1 in February to 55.5. Readings above 50 indicate expansion.

Investors will remain focused on the monthly government jobs report, due Friday. Economists polled by Reuters expect a gain of 197,000 new jobs in March. The U.S. created 175,000 jobs in February, exceeding expectations.

Fed Chair Janet Yellen gave stocks a boost on Monday when she said the central bank would stay accommodative for some time. Her dovish comments countered an earlier statement to the effect that the Fed could raise interest rates within six months of ending its asset-buying program.

European markets closed higher, while Asian markets ended mixed, however they are sure to get a boost following today’s action in the US

News Sources:  CNBC and CNN Money

My Market View:

Nasdaq is bounding back to match the levels of the other indexes.  March was a poor month to say the least.  The Crimean crisis really put a dampener on stocks.  However, it was a positive end to the quarter and we now see that the ISM report today is showing very positive readings towards an expansion after such poor weather related data.  A new All-Time high close is always welcome, but the jobs report is next big data report is on Friday.  If that beats expectations we may see an even higher market at the end of the week.