Stocks ended the trading week on a mixed note. Tensions in the Middle East fell a bit after President Trump apparently decided not to retaliate against Iran for shooting down a US drone. Oil prices continued to creep higher with WTI crude rising to $57.40 per barrel. At the close the Dow was down 34 points to 26,719. Trading volume spiked higher due to options expirations. The markets continue to show resilience in the face of political turmoil at home and economic uncertainty overseas. For the week the Dow gained 2.6% or 683 points.
The Paris Airshow wraps up with a whimper as no new orders were announced. Overall this year’s show was considered slow due in part to Boeing’s 737 Max problems and all the political turmoil. Airbus did ok during the show garnering over 200 orders for the new A321XLR however many of these orders were existing A320 Neo customers changing from one jet to another. General Electric was a clear winner at the Paris Airshow due to the demand for its LEAP engines and Brazilian aircraft company and future Boeing partner Embraer did well thanks its KLM order for regional jets.
North American lumber production in the first quarter fell 3.7% to 15.017 billion board feet compared to the same period of 2018, according to preliminary figures from industry associations and Statistics Canada. The curtailing of mills in Canada has helped to stem a 5 week decline in lumber prices and the Random Lengths framing lumber index rose $7 per thousand board feet to $326. According to the National Association of Realtors existing home sales increased 2.5% to 5.34 million units in May due mostly to lower interest rates.