Wednesday, May 15, 2013

Weak Manufacturing, Empire Fed, PPI, But Stocks Hold Gains

U.S. factories cut back sharply on production in April, as automakers produced fewer cars and most other industries scaled back. The Federal Reserve said Wednesday that manufacturing output dropped 0.4 percent in April from March, the third drop in four months and the biggest since October.

The Empire Fed disappointed, the PPI missed expectations, and now, industrial production contracted, but stocks remain near all-time highs and are flat for the day. Insane market! Mirage market!