June 7, 2017
Wednesday's economic news may be light but not the news from Washington, headlined by uncorroborated claims from former FBI head James Comey that President Trump asked him to "let go" any investigation into former National Security Advisor Mike Flynn. Flynn resigned earlier in the year following reports he misled Vice President Spence regarding his contacts with Russia. Markets showed little reaction to the prepared testimony with Comey scheduled to testify tomorrow.
The Dow rose 0.2 percent to 21,173 while the dollar index also rose 0.2 percent to 96.74. Oil never did get much lift from a long string of weekly inventory draws but fell sharply on a single build, down $2-1/2 to under $46 on a sizable 3.3 million barrel inventory rise in the June 2 week.