February 17 is in the books on Wall Street. And it has been another day of record closures across the main equity indices. The S&P 500, Dow Jones Industrial Average, and NASDAQ composite all enjoyed higher, notching up a series of new record levels over the course of the week. The Russell 2000 failed to manage its counterparts despite inching higher for the day.
Stronger than expected economic data in the US this week, especially on inflation and retail sales, added to further promises from President Donald Trump that tax reform is imminent, helping equity markets bounce despite warnings from Fed chair Janet Yellen that waiting too long to raise interest rates would be unwise. In bond markets, benchmark 10 year treasury yields, which move inversely to price, fell backing off from a rise earlier in the week, which was spurred by more hawkish comments from the Fed. The dollar index rose against the basket of its peers, and oil traded roughly flat. Wall Street will be closed on Monday for Presidents Day. So it will be back on Tuesday. And that's the New York Minute.