May 16, 2017
The housing starts report is very soft and includes downward revisions in what stands out as the single negative signal from an otherwise solid housing sector. The reverse is the case with industrial production where a surge in April manufacturing followed flat results in March. The day's results extend what has been a mixed start to the second quarter.
Stocks were little changed with the Dow posting a fractional loss to 20,979. The dollar index fell 0.7 percent to 98.17 reflecting gains in the euro which is getting a boost from strong European data and easing political risk.