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![]() Market Comment(Prepared by Resnik Asset Management Co.resnikresearch@msn.com) May 24, 2013 Pacific Ethanol Update report published earlier this week. Company now expected to turn profitable in current quarter.
The market slipped lower yesterday against a backdrop of a 7.3 percent decline in Japan's Nikkei stock index, weaker than expected manufacturing data from China, and a mixed message from The Federal Reserve meeting minutes and statements about plans to continue its asset-purchase program. The Dow Jones Industrial Average fell 12.67 points (0.08 percent), the S&P 500 Index lost 4.84 points (0.29 percent), and the Nasdaq Composite was off 3.88 points (0.11 percent). In economic news, the initial claims level fell back to 340,000 for the week ending May 18 from an upwardly revised 363,000 (from 360,000) for the week ending May 11, slightly better than with the consensus estimate had 348,000. New home sales increased 2.3 percent to 454,000 in April after a sizable upward revision for March to 444,000 (from 417,000), beating the consensus estimate of 426,000. New home inventory levels remain depressed with only a 4.1-month supply at current sales rates. During a normal environment, homebuilders try to maintain a 6-month supply. That means construction growth should accelerate from current levels.
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