Markets Inch Ahead in Lackluster Session
Wall Street ended a session of waffling with a creep forwards, with the S&P 500 Index ending in record territory as our trading session ended May 15, 2015.
Market listlessness was reflected in the HVACR Business Stock Index, with the index falling 27.10 points, or 2.03 percent, and closing at 1309.10.
Commerce Department showed that the economy slowed to a near halt in the first quarter, growing at an annual rate of 0.2 percent, with weather, a slow-down in oil and gas drilling and tumbling exports pressuring advancement.
SPX Corp swung to a loss on the stronger dollar, and shares fell 8.99 points, or 10.48 percent. SPW lost $7.1 million, or $0.17 per share, compared to net income of $318 million, or 6.59 per share last year.
Manitowoc slid 2.83 points, or 12.61 percent even though the company narrowed its loss and met earnings expectations for its first quarter.
For the year-to-date, U.S. shipments of residential gas storage water heaters increased 10.0 percent, to 1,278,975, compared to 1,162,979 units shipped during the same period in 2014.
Year-to-date combined shipments of central air conditioners and air-source heat pumps increased 16.0 percent, to 1,631,420 units, up from 1,406,017 units shipped in March 2014.