"Rocky Balboa" is getting good reviews. But Thursday's Philadelphia Fed index makes you wonder if they are sympathy votes for that city's favorite celluloid son.
The stock market, which may be in the process of finding reasons to go down after a five-month rally, reacted sharply to December's reading of negative 4.3. But, Philly's problem isn't news, nor is the notion that manufacturing is weak nationwide. The November Institute of Supply Managers' manufacturing index showed contraction in the sector for the first time since 2003. But looking at other regions, the Philadelphia weakness simply counterbalances the recent above-average New York Fed's Empire State Index, which came in at 23.1.
"Average them out, you've still got soft landing," quips John Lonski, Moody's Investors Service chief economist. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
19.14
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-1.72%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |
Connect with TheStreet