December 27, 2017
A further decline in the number of consumers who say jobs are hard to get points to strength for next week's employment report and highlights December's consumer confidence report. Redbook's same-store sales tally for the December 23 week, at a very strong 5.7 percent year-on-year rate, offers more good news, this time on holiday spending. Pending home sales, however, came in flat to end what had been a streak of very strong data out of the housing sector.
Demand for bonds had been slipping in recent sessions but bounced back today as the 10-year Treasury yield fell a sharp 6 basis points to 2.41 percent. Lower rates often lower demand for the dollar which fell 0.3 percent on the dollar index to 93.03. Oil held on to the bulk of yesterday's jump, edging only slightly lower to $59.50. Stocks edged higher with the Dow up 0.1 percent to 24,774.