April 17, 2017
Supply chain constraints are plainly evident in the Empire State report which has been surging so far this year and may now be overheating. Optimism among home builders, though cooling slightly this month, is also very strong. Yet both of these are advance indicators that track sentiment to a degree, and sentiment has yet to translate to outsized strength in data out of Washington.
Demand for stocks heated up late in the session driving the Dow up a sharp 0.9 percent to 20,636. The dollar index dipped 0.2 percent to 100.31 while bonds held little changed.