US stock indices rise despite low productivity data

The major US stock indices are shrugging off the lower productivity/higher unit labor costs reported earlier.

• Unit labor costs rose 4.7% well above the 3.3% gain expected. The good news is the prior quarter was revised lower to 0.0%.
• Productivity came in at a low 0.3% versus 0.8% expected. The Q4 productivity growth was revised higher to 3.5% from 3.2%. The reported

A snapshot of the major indices are showing:

• Dow Industrial Average average up 233 points or 0.62% at 38137
• S&P index up 35.22 points or 0.70% at 5053.50
• NASDAQ index up 132 points or 0.86% at 15739.04

After the close Apple will release their quarterly numbers. The shares are up $2.02 or 1.15% at $171.32

In the US debt market, yields are trading higher with a steeper curve:

• 2 year yield 4.949%, +1.1 basis points
• 5 year yield 4.651%, +3.7 basis points
• 10 year yield 4.642%, +5.2 basis points
• 30-year yield 4.775%, +6.3 basis points

In other markets:

• Crude oil is trading up $0.17 or 0.20% at $79.16
• Gold is trading down $29.91 or -1.29% at $2289.60.
• Silver is trading down $0.45 or -1.68% at $26.19.
• Bitcoin is trading at $58,722. It’s low price traded at $56,932 while its high price was at $59,086.

Up ahead at 10 AM ET is factory orders for the month of March with expectations of 1.6% gain versus 1.4% gain last month.

This article was written by Greg Michalowski at www.forexlive.com.