April 12, 2018
President Trump appeared to push back a possible military strike against Syria, triggering a strong rebound for the Dow which jumped 1.2 percent to 24,483. Economic news is led by a slightly elevated level of jobless claims, at least relative to March which is not a positive signal for the April employment report. On inflation, import prices proved modest in line with the consumer and producer price reports earlier in the week.
Despite the easing in Syrian tensions, oil held onto this week's strong gains and edged higher to just over $67. It had been a good week for gold but not after today's $20 loss back to $1,335. Demand for the safety of Treasuries also eased with the 10-year yield up 5 basis points to 2.83 percent. The dollar index rose 0.3 percent to 89.77.