First Quarter Contraction, Interest Rate Worries Hamper Markets
Wall Street was beset from many directions and, despite the S&P 500 Index reaching a few new highs, markets ended in negative terrain as the trading session ended June 15, 2015.
The HVACR Business Stock Index slid 29.56 points, or 2.26 percent, and closed at 1279.54. Declining issues bypassed advancing issues by a 19-to-13 count.
The Commerce Department said the contraction of the U.S. economy in the first three months of the year was brought on by bad winter weather and a larger trade deficit. As June began, a stronger jobs report renewed interest rate hike fears.
Construction spending rose in April to the best level in more than six years, and as the trading session ended, homebuilders’ confidence shot up to 59 in June, from 54 in May.
Siemens fell 5.48 points, or 4.98 percent. Siemens will provide turbines for a $3 billion offshore wind farm for ScottishPower Renewables.
A.O. Smith increased 3.02 points, or 4.33 percent. Investment firm Maxim Group upped their target price on AOS to $78, from $72.
For the year-to-date, U.S. shipments of residential gas storage water heaters increased 5.2
percent, to 1,644,263, compared to 1,563,455 units shipped during the same period in 2014.
Year-to-date combined shipments of central air conditioners and air-source heat pumps
increased 12.2 percent, to 2,304,780 units, up from 2,054,421 units shipped in April 2014