July 20, 2017
Initial jobless claims fell sizably during mid-month which points to a strong employment report for July. Less strong, however, are the factory indications from the Philly Fed which posted its softest showing since the election.
Stocks were narrowly mixed with the Dow posting a fractional loss to 21,611. Oil slipped back to just under $47 while gold held steady near $1,250. Gains for the euro, despite a dovish sounding ECB whose tapering plans may or may not be in the works, pushed down the dollar index by 0.5 percent to 94.31. Demand for the safety of bonds has been very strong this week with the 10-year yield down another 2 basis points to 2.27 percent.