Today the Stock market struggles out of the gate and Bonds are up slightly. The Chicago Purchasing Managers Index reported better than expected read on Manufacturing. The report showed that Regional manufacturing was at 48.2 up from 44.5 the previous month. The market was expecting a read of 46.0...signaling a welcome increase. However, any read under 50 still signifies that the market is still weak.
On other news...Alphonso Jackson (HUD Secretary) announces his resignation effective April 18th, 2008. He is under investigation over a friend who was paid $392K as a construction manager in New Orleans post Katrina.
Treasury secretary Henry Paulson lays out the Bush Administrations plan to overhaul the Financial Markets. The changes would mark the biggest overhaul to Wall Street since the Great Depression and would allow the Central Bank more control. It would take a couple years to fully engage the policies and prior attempts have failed. Only time will tell and this will certainly prove to be the one to watch!
Reports due out tomorrow: ISM Manufacturing, Construction spending and Vehicle Sales.
That's a wrap...Good Luck
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