Mortgage rates are higher.
Stocks set new records with the Dow up 7 points at 11483 and the Nasdaq up 68 points at 4040. Yesterday's only economic release was largely overlooked. Six of the ten components were up last month with huge gains in stock prices and consumer orders leading the way. Declines were seen in the manufacturing workweek, nondefense capital goods orders, and the interest rate spread. To the extent this series can predict future economic activity, the past two months suggest the economy might be picking up.