June 4, 2018
Factory orders fell back in April which was nevertheless a very good month for manufacturing. Orders for primary metals, reflecting tariff effects on steel and aluminum, and also orders and shipments for capital goods proved very strong in the month.
Stocks rallied with the Nasdaq, up 0.7 percent to 7,606, posting a new record. The Dow, at 24,813, also rose 0.7 percent. Money backed out of bonds with the yield on the 10-year Treasury up 4 basis points to 2.94 percent. The dollar and gold were little changed but oil fell $1 to just under $65.