U.S. stocks fell again yesterday as major technology stocks came under pressure again after the 10-year Treasury bond yield touched its highest level since January 2020.
The S&P Case-Shiller 20 city home price index increased 11.2% over last year. That year over year gain was the largest since they began keeping records nationally. Phoenix, Seattle, and San Diego saw the largest gains. The median price for a house in the US is now $350,000.
According to the Conference Board the consumer confidence index is now at 109.7, up considerably from the February reading of 90.4 and at its highest level since the onset of the pandemic in March of 2020. Consumers' renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items. However, concerns of inflation in the short term rose, most likely due to rising prices at the pump, and may temper spending intentions in the months ahead.
The Oregon Legislature is moving to wipe out more than $300 million in state taxes triggered by federal stimulus payments, but it could take several months for 900,000 taxpayers to get all the money back.