“It’s the Fed’s conundrum,” said Diane Swonk, CEO of DS Economics, per CNBC. “The markets are pricing in easing infinity. If they raise rates, they could destabilize the markets. If they don’t raise rates, they’re feeding a bubble. It’s a hard place to be in,” she said.
Barclays’ chief U.S. economist, Michael Gapen, is among a minority on Wall Street who believe the Fed could raise rates in September.
The three major U.S. Markets rose, as has the Manufactured Housing Composite Value.
Daily Business News Market Tracker:
The Dow Jones Industrial Average gained 23.76 points to close at 18,597.70
The S&P 500 rose 4.80 to 2,187.02.
NASDAQ closed up .22% to end the day at 5,240.15.
** Yahoo’s Manufactured Housing Related Index Components **
The Yahoo Manufactured Housing Composite Value (MHCV) rose 21.08 points to finish at 1,402.91. The MH-related stocks biggest loser was BRK-A closing at $223.200 (-0.31) and the biggest gainer again was Patrick Industries, with a 3.50-point climb to close at 65.08.
*Note: the chart below includes stocks not included in the MHCV.
Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers. Drew, Patrick, UFPI and LP all supply manufactured housing, while AMG, CG and TAVFX have investments in manufactured housing related businesses. ##
(Image credits, MarketWatch.)
Manufactured Housing Industry Stock Market Report by Frank Griffin, to Daily Business News for MHProNews.