Your Tuesday Market Blip 2/28/17

Your Tuesday Market Blip 2/28/17

February came to a close ahead of the big Trump speech (BTS) tonight where there will be a mix of applause and boos amidst the sound of cash registers ringing in the background. At the close the Dow gave up 25 to close at 20,812 on higher trading volume. Gains for the month of February were impressive as the Dow rallied about 4.7%.
Priceline reported great earnings with a 17% jump in sales and a 32% increase in bottom line profits. The particularly bullish indicator for the company was the “room nights booked” metric which jumped 31% from the prior quarter. The online travel booking company’s results were well above estimates and the gurus were pleased with the results.
In the “not so great” category, retailer Target was off target as it posted dismal numbers and vowed a price war to lure customers back. Revenue declined 4% and profits were off 5%. The report sparked a selloff in other retailers like Wal-Mart. In a side note, parts of Amazon’s cloud services experience disruption today which caused some services on the east coast like Alexa to go experience trouble.
Economic reports today showed consumer confidence hitting its highest level since July 2001. Home prices were up 5.8% in December due to low inventory and the second reading of the GDP growth rate came in unchanged at 1.9%. While this estimate was a bit disappointing the consumer spending figure was revised sharply higher from 2.5% to 3%.
Gold closed lower by $7.70 an ounce to $1,251.