June 27, 2017
News that the Senate vote on Obamacare won't be held until after the July 4 recess further pushes back the administration's economic agenda, pulling the Dow down 0.5 percent to 21,310. The day's economic data are mixed but include a sharp slowing in Case-Shiller home prices, results that highlight uneven growth underway in the housing sector. A positive is the consumer confidence report which continues to hold at unusually strong levels and, in the assessment of the current labor market, points to solid results for the June employment report. The dollar fell sharply and steadily against the euro during the session dragging the dollar index 1.0 percent lower to 96.41. Oil firmed solidly and is back over $44 while rates moved higher with the 10-year Treasury yield at 2.21 percent.