Construction spending during March was estimated at a seasonally adjusted annual rate of $1,282.2 billion, 0.9% below the revised February estimate of $1,293.3 billion, the Census Bureau reported. The March figure is 0.8% below the March 2018 estimate of $1,293.1 billion. During the first three months of this year, construction spending amounted to $277.7 billion, 0.2% below the $278.3 billion for the same period in 2018.

Wednesday, the Dow was down 162.77 points (0.61%) at 26,430.14, the NASDAQ decreased 45.75 points (0.57%) to 8,049.64, and the S&P 500 closed 22.10 points (0.75%) lower at 2,923.73. The Russell 2000 fell 14.83 points (0.93%) to finish at 1,576.38, and the Wilshire 5000 dropped 229.01 points (0.75%) to 30,181.00.

The price of the 10-year Treasury note was down 2/32, increasing its yield to 2.508%. The price of the 30-year Treasury bond increased 13/32, bringing its yield down to 2.907%.

ON THIS DATE: In 1933, the legend of the Loch Ness Monster was born when a sighting made local news in the newspaper Inverness Courier. In 1945, approximately 1 million German soldiers laid down their arms as the terms of the German unconditional surrender, signed at Caserta on April 29, came into effect. In 1972, after nearly five decades as director of the Federal Bureau of Investigation (FBI), J. Edgar Hoover died.

No SURVEY SAYS this week.