Stocks traded broadly higher Thursday on comments from Treasury Secretary Mnuchin who said the administration was close to “major tax reform.” This was a reversal from comments made earlier this week sending the major indexes higher by about 1% while treasury prices fell with the 10Yr yield rising four basis points to 2.24%. That yield is still well below recent levels raising questions about whether or not the Fed will raise rates again this June. At the end of trading…
Dow + 174 to 20,578
S&P 500 + 17 to 2355
Nasdaq + 53 to 5916
Gold unchanged @ $1283 an ounce
Oil – $.30 to $50.55 a barrel
10 Yr Treasury + 4 basis point to 2.24%
In economic news, initial jobless claims rose to 244,000, topping expectations, while the Philadelphia Fed business index fell to 22 in April from the March read of 32.8.