The stock market opened strongly, pulled up by positive earnings reports, which unfortunately puts pressure on bonds.
Some economic reports today are also moving markets:
The latest S&P/Case-Shiller U.S. National Home Price Index showed home prices rising faster than expected, jumping 5.8% in February for the biggest monthly gain in 32 months.
March’s single-family home sales were up a robust 15.6% from March 2016, marking the third month in a row new home sales have improved, clocking in at a seasonally adjusted annual rate of 621,000 units in April.
The Consumer Confidence Index slipped a little in April, but is still at a robust 120.3, down from the previous month’s downwardly revised 124.9.
Stocks have gained more ground since the reports, with the Dow up 232 to 20,996 and that NASDAQ breaking 6,000 for the first time; bond prices sold on the report but have stabilized in negative territory.