A range of economic reports demonstrated that warmer weather didn't translate into more shopping. Personal consumption fell 0.1% in April, including auto sales that declined after a seven year high in March. Consumers weren't helped by the higher prices as the price index was up 1.6% in April over last year. Rockwell Economist Peter Cardillo isn't worried about the weakness in these reports. He cites the increase in personal income, which rose 0.3%, as a reason for felling positive about the economy. He feels the second quarter will bounce back as consumers have more income to spend.

If you liked this article you might like

Market Is on the Straight and (Very) Narrow

Look Back to Go Forward

Stock Observations; Reviewing Equities: Doug Kass' Views

Even North Korea's Kim Jong Un Can't Stop This Epic S&P 500 Stock Rally

Robots Might Be Biggest Obstacle for Stock Market Bears