April 20, 2017

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.