Financial Review

The Streak Ends


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…..Trump addresses Congress tonight; looking for specifics. 4Q GDP estimate holds at 1.9%. Trade deficit widens. Home sales up 5.6% last year; up 4.9% in Phoenix. Consumer confidence up in Feb at 16 year high. Fed jawbones rate hikes. Morgan Stanley pulls a LaLaLand on taxes. Samsung chairman indicted. YouTube at 1 billion hours a day in USA. YouTube Unplugged. Apple goes AR and other stuff they won’t talk about. Financial Review by Sinclair Noe for 02-28-2017 DOW – 25 = 20,812 SPX – 6 = 2362 NAS – 36 = 5825 RUT – 21 = 1386 10 Y – .01 – 2.36% OIL – .13 = 53.92 GOLD – 4.30 = 1248.80   After 12 straight record high closes, the Dow Industrials finally posted a losing session. No milk and cookies today. It was the best run of record highs since 1987. After topping out at 103.82 on January 3, the US dollar has weakened against a basket of its peers, pulling back into the 100 area. Dollar weakness is good news for the multinationals that dominate the S&P 500. Stocks rallied right after the election, bonds sold off for roughly the same reasons. Yields on the benchmark 10-year Treasury note rose to a high of 2.64% in the middle of December (yields move opposite to prices) – reflecting expectations for faster growth, but in the past month buyers returned to bonds, pushing yields down as low as 2.32% and today finishing at 2.36%. The rally in bonds might be ...
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Financial ReviewBy Sinclair Noe