Markets Pop as Oil Regains Traction
Indexes closed with the strongest weekly gains this year to begin our trading session, and the Nasdaq posted the best improvement since July. As our session ended March 15, 2016, markets were in a holding pattern, awaiting word from the two-day Federal Reserve meeting.
The HVACR Business Stock Index enjoyed a healthy uptick, besting the national markets and rising 99.84 points, or 9.78 percent, closing at 1,120.74. Advancing issues nearly shut out declining issues at a 32-to-1 count.
The Commerce Department that new orders for durable goods jumped by 4.9 percent in January, the highest in 10 months, a change from December's 4.6 percent decline.
Lennox International zoomed ahead, up 13.38 points, or 11.20 percent. Investment firm Cowen and Co. started Lennox with an "outperform" rating and a target price of $138. LII ended at 132.88, and was the top dollar gainer.
Manitowoc tumbled 10.75 points, or 71.81 percent, following the completion of the spin-off of its food service subsidiary. Manitowoc Foodservice now trades on the New York Stock Exchange under the ticker MFS.
U.S. shipments of residential gas storage water heaters for January 2016 decreased 14.2 percent to 353,708 units, down from 412,410 units shipped in January 2015. Residential electric storage water heater shipments decreased 21.1 percent in January 2016 to 321,065 units, down from 406,853 units shipped in January 2015.
Commercial gas storage water heater shipments decreased 10.8 percent in January 2016 to 7,125 units, down from 7,991 units shipped in January 2015.
U.S. shipments of central air conditioners and air-source heat pumps totaled 424,102 units in January 2016, down 11.6 percent from 479,484 units shipped in January 2015.