December 20, 2017
The housing market continues to pivot sharply higher going into year end with the latest strong results coming from existing home sales. Stocks failed to rally on the Senate's passage of the tax bill which will be signed into law this week. The Dow edged lower to 24, 726 but is still holding onto a 25 percent year-to-date gain. Demand for the safety of long-term bonds continues to ebb with the 10-year Treasury yield up 4 basis points on the day to 2.49 percent.