April 24, 2018
The housing sector gets an upgrade following yesterday's gains in existing home sales and especially today's very strong rise for a new home sales report that includes sharp upward revisions. Price data in both reports show solid traction and echo the gains in today's Case-Shiller and FHFA home price reports.
Stocks however are not getting an upgrade, falling sharply with the Dow down 1.7 percent to 24,024. The 10-year yield is at a 4-year high and briefly touched 3.0 percent today amid an ongoing run of strong economic news. Still, the move in the yield this week has been very minimal, at only 3 basis points to 2.99 percent.