The March Index of Leading Economic Indicators rose 0.4%, which is less than February's rise but still higher than expectations for +0.2%. February's gain was revised upwards from 0.8% to 1.0%. Six of the ten components were positive in March; one of the four negatives was consumer expectations.
The leading indicators surprised on the upside, but they don't exactly gibe with a collapse of the Philadelphia Fed's manufacturing index: it plummeted from March's 43.4 to April's 18.5. Expectations were for a drop to 35.5. Although the fall was deep, March's reading was unusually high: its 43.4 was the highest since January of 1984.
Gold, bouncing around in the low 1500s, jumped up only a dollar and a half on the news. Thwarted at $1,505, it bounced around $1,504 before sinking and then recovering. So far, the pit session's been pretty quiet.