The NY session was choppy overall with the only real fireworks coming late in the session. US equities managed to eke out a 1.2% rally after being flat for nearly the entire day. The more timely economic data today was better than expected and this eventually caught up in the market. The NY Empire index – the most forward looking of all the indicators released in the NY morning – jumped to -14.7 in April from -36.8 the prior month. This coupled with the pop in the homebuilder index to 14
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