Construction Spending Climbs 1.3% to Nine-Month High
Rick Winters, vice president at Adviser Investments, has the market analysis for Wednesday, March 13. All major U.S. stock indexes rose today, with the Dow Jones Industrial Average up 0.6% and both the S&P 500 and NASDAQ gaining 0.7%. Investors were encouraged by news that U.S. durable goods orders rose 0.4% in January. More significantly, the Commerce Department also reported that construction spending gained 1.3% in January, its largest increase since April 2018—a reversal from December’s 0.8% decline. Meanwhile, the FAA grounded every Boeing MAX 8 and MAX 9 aircraft pending further investigation, and its stock closed up 0.5% after a seven-day losing streak.