Quarters ends with a slip in stocks, yet positive

Markets fell after reports revealed a strong quarter on Wednesday early hours. However, the relief of a positive figure this quarter overpowered the worries of a minor fall in the indices. NYSE was down by 12.98 points closing at 7442.82 with a 0.2% fall. S&P, falling around 0.3% plunged by 3 points at 1169.43. DIJA slipped 51, now at 10,856. Global cues also experienced a negligible fall.

The data revealed few optimistic figures, however, some number continued to maintain a low. The purchasing manager’s indexes of Chicago fell from 62.6% to 58.8% in last month. Most economists had expected a fall. This, however, was much bigger plunge than anticipated and came as a surprise.

Similarly, New York City followed the trend of plummeting, and thus surprising economists. There was a major fall in the business activity in the city this month. The seasonally adjusted index of New York declared by the Institute of Supply Management said there has been a substantial decrease n business activity, and it fell from 78.1 in Feb to 60.6 in Mar 2010. The institute is yet to reveal a broader report of March 2010, expected today, 1st April 2010.

For the first time in last four weeks, there was an increase in mortgage applications in this week. And the demand for mortgages and home loans reached its peak since October 2009. There was, however, a steady rise in foreclosures as well. Hence, the real estate market didn’t come out strong.

But there were many reasons to be cheerful about the situation. There is a growth in the number of people catching up with past due mortgages, and it’s outnumbering new delayers. This data was reported by Mortgage insurance Companies of America based on information provided by major mortgage insurers MGIC Investment, Genworth, PMI, and Radian.

ADP, an emerging employment service company, revealed employment details for the month of March. Against the expectation of 40,000 new jobs, around 23,000 people lost their jobs last month.