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Investors pushed stocks higher for the fourth straight week despite rising interest rates amid disappointing Treasury sales. Renewed concerns regarding the sovereign debt crisis in Europe failed to dissuade optimism on Wall Street.

For the week, the Dow Jones Industrial Average climbed 108.38 points, or 1.01%, finishing at 10,850.36. The S&P 500 added 16.6 points, or 1.44%, ending at 1,166.59. The Nasdaq Composite gained 27.47 points, or 1.16%, closing at 2,395.13.

Even with the dollar appreciating against a basket of currencies due to lingering concerns about Greece’s ability to service its debt, oil held firm settling near $80.11 per barrel on Friday. Energy stocks were the laggards last week, followed by the health care sector, materials and utilities. Discretionary and financial stocks led the way higher, and Apple (AAPL) hit a new all-time high after Credit Suisse raised its price target from $275 to $300.

At the macro level, the economy expanded by a healthy 5.6% during the fourth quarter, coming up just shy of expectations. Still, growth has stabilized thanks largely in part to federal spending and a pickup in discretionary spending.

Consumer sentiment edged higher, according to the Reuters/University of Michigan index which produced a final March reading of 73.6. That was a very modest improvement from the 72.5 mid-month reading.

Sentiment is stabilizing thanks to bullish momentum on Wall Street, covering up sustained weakness in the housing and labor market. New home sales took a dip in February, falling 2.2 percent to an annual rate of 308,000. That followed annual rates of 315,000 in January and 345,000 in December. With foreclosures remaining heightened, the White House has drafted a $14 billion plan aimed at providing lenders with incentives to cut debt and payments for those who are unemployed.

On the labor front, jobless claims fell by 15,000 to 442,000 in the March 20 week, sending the four-week average to a recent low of 453,750. Continuing claims dropped to a near-term low of 4.689 million over the last four weeks. Friday’s labor report should serve to further clarify whether steadily declining jobless claims are being reflected in the aggregate employment picture.

New orders for durable goods strengthened over the past several months. February orders were soft, up 0.5%, but January orders were revised up to a surging 3.9% increase.

In addition to being the end of the quarter, this holiday-shortened trading week is loaded with important news, highlighted by the official unemployment report for March. Macroeconomic data scheduled for release this week includes:

Monday – Personal Income and Outlays (February)
Tuesday – S&P Case Shiller Home Price Index (January), Conference Board Consumer Confidence (March)
Wednesday – Factory Orders (February), Chicago PMI (March), ADP Employment (March), Crude Inventories (Weekly)
Thursday –Jobless Claims (Weekly), ISM Mfg Index (March), Construction Spending (February) , Motor Vehicle Sales (March), Federal Reserve Balance Sheet, Money Supply
Friday – Employment Report (March)

Stocks continue to march higher, hitting a one and a half year high fueled by strong demand for industrials.

After the first two days of trading this week, the Dow Jones Industrial Average climbed 156 points, or 1.45%, to finish at 10,888.83, the S&P 500 added 14.27 points, or 1.23%, ending at 1,174.17, and the Nasdaq Composite gained 57 points, or 2.42%, to settle at 2,415.24.

Health care stocks were a laggard on Tuesday, but still posted another day in the green after President Obama signed a sweeping reform bill into law. Materials joined industrials as a market leader thanks to stabilizing gold, silver, and copper prices. Gold climbed 0.5% to settle at $1,105.20/troy oz, silver added 0.6% ending at $17.04/troy oz, and copper tacked on 0.25 to finish at $3.389/lb.

The resurgent residential real estate market may be showing signs of slowing after the latest existing home sales report. February sales slumped 0.6% compared with January, leading to a sharp increase in seasonal supply. On Tuesday, the FHFA reported seasonally adjusted home prices for federal agency sponsored mortgages declined 0.6% in January, on top of a 2% decrease for December. Although the buyer market does not appear to have been exhausted, federal stimulus and extraordinarily low rates can only prop up the market for so long. Wednesday’s new home sales report should provide further illumination.

Looking ahead, Wall Street will shift its focus from Washington to housing and GDP data, along with key earnings reports due up from Oracle and Best Buy.

Macroeconomic data due up this week:

Wednesday – New home sales (February), durable goods orders (February), oil inventories (Weekly)

Thursday – Jobless claims (Weekly), Federal Reserve balance sheet, money supply

Friday – GDP (Q4), Consumer Sentiment (March)

Highly touted and respected American Economist and former Chairman of the Board of Governors of the Federal Reserve from 1987 to 2006. Also, Chairman of the Fed’s principle monetary policymaking committee known as the Federal Open Market Committee (FOMC). Greenspan was the first person ever appointed to chair the Fed for five consecutive terms after his initial appointment by then President Ronald Reagan.

Stocks drifted higher last week on light trading volume as major indices flirted with multi-month highs amid mixed economic data. The Dow and S&P are near 15-month highs, while the NASDAQ surpassed an 18-month high.

Last week, the Dow added 59.49 points, or 0.6%, to close at 10,624.69. The S&P rose 11.29 points, or 1%, ending at 1,149.99. The Nasdaq gained 41.31 points, or 1.8%, to close at 2,367.66.

On the jobs front, the number of newly laid-off workers seeking unemployment benefits slipped last week, as claims fell by 6K to a seasonally adjusted 462K. The recent survey was close to analysts’ projections, which was for an even greater decline to 460K claims. It also marked the second straight weekly decline in initial claims.

Of greater concern though, the number of people continuing to receive jobless benefits advanced by nearly 40K to more than 4.56M claims. However, almost 5.7M people were receiving extended benefits, down from 5.9M the previous week.

Within the housing industry, those who are on the verge of foreclosure may not be out of the woods yet. According to RealtyTrac Inc., the number of U.S. households facing foreclosure increased by 6% in February over last year’s tally, the smallest annual increase in four years.

In the report, more than 308K homeowners received a foreclosure-related notice, although it was down more than 2% from January. That equates to one in every 418 homes receiving a notice.

Banks repossessed nearly 79K homes last month, down 10% from January’s totals, yet still up 6% from February 2009. In 2009 alone, there was a record 2.8M households that were served with a foreclosure notice last year, and that number is expected to eclipse the 3M mark this year.

The U.S. posted its largest monthly deficit in history during February. The imbalance totaled $220.9B, 14% higher than the previous record deficit established in February of 2009. Through the first five months of the government’s fiscal year, the trade imbalance currently stands at $651.6B, nearly 11% higher than this time last year.

With a projected fiscal budget for 2010 potentially hitting an all-time high of $1.56 trillion, February’s report showed outlays of $328.4B and revenues of $107.5B. It was the first time in nearly two years that revenues were up. Through the first five months, revenues totaled $800.5B, 7% lower than from a year ago, while outlays totaled $1.45 trillion, up marginally from a year ago.

The trade deficit unexpectedly contracted in January, as U.S. demand for foreign cars and oil lessened, helping to narrow the trade gap. For the month, the deficit retreated to $37.3B, a 6.6% decrease compared to December’s deficit of $39.9B. On average, economists were looking for the trade gap to have widened to $41B.

In January, U.S. exports declined by 0.3%, as overseas needs for American built aircraft and machinery dwindled. The 0.3% drop left the total amount of exports at $142.7B for the month. Meanwhile, imports plunged by 1.7% in January, as many consumers have curtailed demand for oil and foreign automobiles. With imports declining, that left the overall tally at $180B.

Companies further reduced their inventories at the wholesale level in January, despite sales increasing for the 10th straight month. Wholesale inventories declined 0.2% during the month, following a 1% decrease in December. Economists were looking for inventories to post a modest increase of 0.2%.

Supplies at the wholesale level have declined for 13 consecutive months and have posted a decrease in 15 of the past 17 showings. The two gains in wholesale inventories occurred last October and November. Nevertheless, sales at the wholesale level posted a 1.3% gain in January, its best showing since a 3.6% surge last November.

Business inventories in January remained unchanged, according to the Commerce Department. Companies remain hesitant about restocking their depleted inventories amid a sluggish economic recovery. The unchanged reading in inventories was weaker than the 0.2% gain that economists had anticipated.

Meanwhile, total business sales advanced for the eighth consecutive months, posting a gain of 0.6% in January. The solid showing follows December’s even stronger reading of a 1% increase.

Despite inventories remaining at all-time lows, retail sales posted a surprise increase in February. During the month, sales advanced by 0.3%, its largest increase since last November, while surpassing the 0.2% gain economists had projected.

The 0.3% gain in February followed a 0.1% rise in January. The overall reading was hurt by a 2% decline in auto sales following Toyota’s mass recalls during the past few months. However, excluding autos, retail sales would have posted an even higher 0.8% gain, well ahead of the 0.1% gain economists had forecasted.

Data for this week includes Philadelphia Fed, Empire Manufacturing Survey and the FOMC Rate Decision report for March, Capacity Utilization, Industrial Production, Building Permits, Import/Export Prices, Housing Starts, PPI, CPI, and the Leading Indicator reports for February, net Long-Term TIC Flows for December, the Current Account Balance for the fourth quarter, and weekly results for Initial Claims and Crude Inventories.

Bulls stampeded down Wall Street last week, induced by strong reports on the jobs market, productivity and factory orders.

The Dow climbed 240.94 points, or 2.3%, to close at 10,566.20, the S&P rose 34.20 points, or 3.1%, ending at 1,138.69, and the NASDAQ gained 88.09 points, or 3.9%, to close at 2,326.35.

On Friday, the Labor Department announced the unemployment rate held steady at 9.7% for February, a better showing than the modest increase to 9.8% economists predicted. During the month, employers cut more than 36K jobs, well short of the 50K that analysts expected. Within the report, the average workweek for employees retreated from 33.9 hours in January to 33.8 hours.

Employers in the private sector reduced their work staff at a slower pace in February compared to the previous month. More than 20K jobs were lost during the month, well below the 60K that was lost in January, according to ADP’s forecast. The overall job loss was in-line with analysts’ estimates.

The number of newly filed claims for unemployment benefits for the week ending February 27 fell by 29K to a seasonally adjusted rate of 469K. The reading comes in nearly on target of the 470K economists had projected. Furthermore, the number of those continuing to receive benefits slipped to 4.5M, falling more than what economists anticipated.

In the housing sector, pending home sales plunged in January. The drop is being attributed to an increase in severe weather throughout the country, which dampened sales. The National Association of Realtors revealed that their housing index showed sales plummeting 7.6% from December to January with a reading of 90.4. The current data was the lowest reading since last April. Economists were looking for the index to advance to a reading of 97.6.

The U.S. service sector expanded in February, growing at its fastest pace in more than two years. The ISM reported last week that its index measuring service industries posted a reading of 53, up from a reading of 50.5 in January. Economists had been looking for the index to advance marginally, up to a reading of 51.

Meanwhile, a gauge of current economic activity posted a 2.6% increase to 54.8. Additionally, new orders, which is another important leading indicator of the ISM Service index, advanced by 0.3 points to a reading of 55.

During Q4 of 2009, productivity expanded at a much faster pace than previously projected, helped by a huge decrease in unit labor costs. For the quarter, productivity advanced at an annual rate of 6.9%, well ahead of the 6.2% growth rate expected. As for unit labor costs, it declined at a rate of 5.9%, much larger than the 4.4% drop analysts predicted.

Throughout all of 2009, productivity from nonfarm workers advanced by 3.8%, almost double the 2% increase in 2008. The 6.9% growth rate was the fastest annual increase in productivity since a 4.6% increase in 2002.

With productivity increasing, factory orders followed suit. In January, orders increased by 1.7%, marginally lower than the 1.8% gain economists had expected. The advancement was led by a 118.6% surge in demand for commercial aircraft. Excluding transportation, orders were up a more modest 0.1%.

Orders for durable goods increased 2.6%, slightly lower than the 3% estimate the government made last week. Moreover, orders for nondurable goods increased by 0.9% in January, following a 1.3% gain in December.

In a reading from the Federal Reserve’s Beige Book survey, analysts found that the nation’s economic recovery continues to march forward, albeit at a much slower pace than what was first anticipated. The Fed stated, “Economic conditions continued to expand … although severe snowstorms in early February held back activity in some places.”

Following a surge in economic growth to end 2009, the first quarter in 2010 lost precious momentum causing economists to lower their prediction of economic growth to around 3% for the January to March period.

Economic data slated for this week includes the Wholesale Inventories, Trade Balance and the Business Inventory reports for January, as well as weekly results for Initial Claims and Crude Inventories. The Treasury Budget and Retail Sales reports for February, along with the Michigan Sentiment report for March are also due out.

Stocks traded lower last week as a stream of downbeat news rekindled concerns about the global recovery, highlighted by disappointing reports for jobless claims and the housing industry.

The Dow fell 77.09 points, or 0.7%, to close at 10,325.26, the S&P slipped 4.68 points, or 0.4%, ending at 1,104.49, and the NASDAQ declined by 5.61 points, or 0.3%, to close at 2,238.26.

The weekly report of the number of initial claims filed for the week ending February 20 showed an increase of 22K claims to a seasonally adjusted rate of 496K. The unexpected gain in filings came in well ahead of the predicted decrease in claims of 455K. In addition, those continuing to receive benefits remained relatively unchanged at 4.6M.

As the housing industry continues to struggle, sales of new homes retreated to a new record low in January. Sales dropped 11.2% to a seasonally adjusted rate of 309K units. The recent decline brought new home sales to its lowest reading in more than 25 years. Economists were looking for new home sales to increase by 5%.

With huge declines throughout the U.S., the only region to post a gain in home sales was the Midwest, where sales increased by 2.1%. The decrease in sales pushed the median selling price for homes down to just over $203K. That figure comes in 5.6% lower than December’s price of more than $215K per house, while remaining 2.4% off last year’s prices.

For 2009, new home sales plummeted nearly 23% to 374K units, marking the worst year on record. Analysts within the industry predict new home sales to eclipse the 500K mark in 2010, albeit well below the record pace set between 2003 and 2006 when annual sales were well above 1M units per year.

Meanwhile, the number of previously owned homes that were sold throughout January slipped 7.2% to a seasonally adjusted rate of 5.05M units. The recent reading marked the second straight month of hefty declines, falling to its lowest level since last summer. Economists were predicting existing home sales would increase at a pace of 5.5M units. The median home price remained unchanged from a year ago, as it sits just under $165K and is down 3.4% from December’s prices.

Another report pertaining to the housing industry came from the Federal Housing Finance Agency (FHFA), which revealed that home prices fell 1.6% across the board in December. For 2009, sales slipped 1.5% on a national basis, despite several regions throughout the U.S. posting increases for the first time in several months.

On the bright side, as factories begin to rebuild inventories of goods for businesses that had let their stockpiles dwindle to save cash, orders for durable goods skyrocketed in January by 3%. That was the largest increase since a 5.8% surge last July. The increase in orders came primarily from strong demand for commercial aircraft, which posted a 126% gain. Excluding transportation, durable orders declined by 0.6%, a weaker showing than what economists had anticipated.

Also, the U.S. economy propelled itself forward at a 5.9% clip in Q4 of 2009, stronger than 5.7% growth that was initially estimated. The current reading marked the strongest expansion in more than six years. The growth was attributed to an 18.2% surge in equipment and software spending, while exports posted a 22.4% surge, its highest rate in more than 13 years.

For the current year, analysts believe that the economy will expand at a 3.1% pace. That would be a much-improved showing over 2009’s results, in which the economy contracted at a 2.4% clip, its worst showing since 1946.

A report from the Office of Thrift Supervision revealed the country’s thrifts, also known as savings and loans, posted a $29M profit in 2009. That is a welcomed sign, especially after recording consecutive losses of $15.9B and $649M in 2008 and 2007 respectively. It was the industry’s first profit since 2006.

The week ahead features the Unemployment report for February which is due out on Friday. Personal Income, Personal Spending, Core PCE Prices, Construction Spending, Factory Orders, Pending Home Sales and Consumer Credit reports for January are due out as well, along with the ISM Index, Auto/Truck Sales, Challenger Job Cuts, ADP Employment Change, ISM Services, Unit Labor Costs, revised Productivity reports for Q4, weekly results for Initial Claims and Crude Inventories, and the Fed’s Beige Book reading for March.

Stocks held onto early week gains after stumbling into the weekend in the wake of the Federal Reserve’s move to increase the discount rate 25 basis points to 0.75%. Markets rallied despite mixed earnings reports thanks to several encouraging economic reports.

The Dow climbed 303.21 points, or 3.0%, to close at 10,402.35. The S&P rose 33.66 points, or 3.1%, ending at 1,109.17. The NASDAQ gained 60.34 points, or 2.8%, to close at 2,243.87.

On the housing front, construction of new homes surged 2.8% in January to a seasonally adjusted rate of 591K units. The recent reading was well ahead of the 580K economists were anticipating and the highest level reached in the past six months. Still, applications for building permits slipped 4.9% during the month to a rate of 621K. Permits, which are considered a good indicator of future activity, posted its first decline in the past three months.

The nation’s industrial production advanced in January, climbing 0.9%, marking the seventh straight month of expansion. There was growing progress in the country’s manufacturing, mining and energy utilities, marking the first time since August 2009 that all three major categories posted gains.

During the month, manufacturing increased by 1%, while mining and utilities each gained 0.7%. January’s results were a welcome sign after mining activity fell 0.2% and manufacturing slipped 0.1% in December. The nation’s industries were operating at 72.6% of capacity in January, a 0.7% increase from December.

The Labor Department released a report last week showing that import prices jumped 1.4% in January, much higher than the revised 0.2% gain recorded in December. On a year-over-year basis, import prices have surged 11.5%.

The advance in import prices was a direct result of imported fuel, which saw prices jump 5.3% following a 0.6% decrease in December. Import fuel prices were greatly affected by a 4.8% increase in petroleum prices and an 18.8% gain in natural gas prices.

The report showed that export prices increased for the third consecutive month as prices rose by 0.8% in January. That followed a 0.6% increase the month before. The increase in export prices was due in large part to a 1.4% jump in agriculture prices. Compared to this time last year, export prices have increased by 3.4%.

Wholesale prices more than doubled in January, igniting worries about price increases. For the month, the Producer Price Index jumped 1.4%, doubling the 0.7% gain economists had predicted. The gains in prices were lead by a surge in costs for gasoline and other energy goods.

Excluding food and energy costs, the core inflation rate at the wholesale level advanced by 0.3%, tripling the 0.1% gain economists were projecting. Throughout the past year, wholesale prices were up 4.6%, while core prices were up a more modest 1%.

Yet inflationary fears eased after the CPI report. Consumer prices advanced at a slower-than-anticipated rate in January as the CPI rose 0.2%, while core inflation, those prices excluding food and energy costs, decreased by a modest 0.1%. It was the first time in more than 25 years that core prices dropped.

The 0.2% gain in overall prices was a direct result of a 2.8% jump in energy costs, lead by a 4.4% jump in gasoline prices and a 3.5% increase in natural gas charges. The nearly 3% surge in energy prices was the highest since last August.

With Greece’s debt problems at the forefront of market activity over the past few weeks, the U.S. debt load has come under increasing scrutiny. After the first four months of the fiscal year, the nation’s annual budget is currently running at an elevated rate. In January, the deficit totaled $42.6B, which pushed the budget into the red at $430.7B, 8.8% higher compared to the same period a year ago. President Obama announced during the week that this year’s deficit would hit $1.56 trillion and would most likely remain above the $1 trillion mark for the next three years.

The labor market remains a major source of concern for the U.S. Weekly data showed that the number of newly unemployed workers for the week ending February 13 advanced unexpectedly, increasing by 31K claims to a seasonally adjusted rate of 473K.

A forecast of future economic activity advanced for a 10th consecutive month in January as the index of leading economic indicators climbed 0.3%. The current reading comes in much weaker than the 1.2% rise in December and well short of the 0.5% gain that economists had expected. With the continued recovery within the nation’s manufacturing industry and a surge in the stock market, the index has steadily increased for nearly a year.

Data due up this week includes New Home Sales, Existing Home Sales, and the Durable Orders reports for January. Also, the second estimate readings for GDP for the fourth quarter, the Case-Shiller 20-city Index and the FHFA Housing Price Index for December is due out, along with Consumer Confidence, the Chicago PMI and the final reading for the Michigan Consumer Sentiment report for February. Weekly results for Initial Claims and Crude Inventories are scheduled as always.

After the U.S. market was closed in observance of President’s Day, bulls stampeded to a big win on Tuesday. The rally came on the heels of a 1% rally at the end of last week’s trading.

On Tuesday, the Dow Jones jumped 1.7% to 10,268.81, the S&P 500 surged 1.8% to 1,094.87, and the tech-heavy NASDAQ increased 1.4% to finish at 2,214.19.

Stocks were buoyed by higher commodity prices which were driven by a weak dollar and economic data that suggests demand for crude in the U.S. could be improving. By the close of trading, the price for a barrel of light, sweet crude for March delivery gained $2.88, or 4%, to settle at $77.01.

In macroeconomic news, a report from the Federal Reserve Bank of New York announced early Tuesday morning that manufacturing within the region expanded at a much faster pace than anticipated. In February, the Empire Manufacturing index jumped to a reading of 24.9, higher than the 18 reading economists were looking for and well ahead of January’s 15.9 reading.

The New York Fed also revealed that the region’s employment index advanced from a reading of 4 last month to 5.6, while a measurement for a six-month outlook of new orders increased to 55.6 from 52 in January. The current reading marked the highest level since February 2006.

Sales in the N.Y. region also increased to a tally of 55.6, the highest since January 2006, while the gauge of current shipments slipped from 21.1 to 15.1. New factory orders declined from 20.5 to 8.8, and a gauge of prices paid decreased to 31.9 from 32, while prices received increased from 2.7 to 4.2.

The U.S. Department of Treasury revealed that the nation’s net long-term TIC flows in December slipped to $63.3B, down almost half from January’s total of $126.4B. Results came in better than expected, as economists were predicting that the TIC flow would slip even lower to a reading of $50.3B. TIC stands for Treasury International Capital and is an economic measurement that shows capital flows in and out of the U.S.

Economic data still due up this week includes the Philadelphia Fed report for February, Treasury Budget, Housing Starts, Industrial Production, Building Permits, Import/Export Prices, Capacity Utilization, Leading Indicators, PPI, and CPI reports for January. Weekly results for Initial Claims and Crude Inventories are due out as well.