February 16, 2017
It was a day of enormously constructive data led by the strongest Philly Fed report in more than 30 years, one that is signaling acceleration for what has been a flat factory sector. Jobless claims are at their lowest levels in more than 40 years and are pointing to another strong employment report for February. Housing starts and permits have their ups and downs but the sum of the report is also favorable.
Yet stocks, after a string of solid sessions, didn't show much reaction with the Dow posting a fractional gain to another record close of 20,619. But demand for Treasuries did pick up slightly with the 10-year yield at 2.45 percent for a 4 basis point dip. Lower yields often lower demand for the dollar as the dollar index fell a sizable 0.6 percent to 100.50.