March 28, 2017
The consumer confidence index continues to makes highs last seen in the prior economic cycle, in 2000 at the height of the dotcom bubble. Other data include another sharp gain for Case-Shiller home prices and mixed trade data that include weakness in exports.
In Washington, the administration is not planning an immediate push for tax cuts but is now pegging October, which is the beginning of the government's 2018 fiscal year, as the earliest that tax changes could take effect. The administration says the talks are in their initial stage but will include tax cuts for both the middle class and business.
Stocks, which have been on the retreat, rallied on the day with the Dow posting a 0.7 percent gain to 20,701. Money moved out of the bond market where the 10-year yield rose 4 basis points to 2.42 percent. The dollar rose 0.5 percent against the euro to $1.0813 while oil firmed 50 cents and is back over $48.