A series of disappointing news from Washington, D.C. put the kibosh on strong momentum among consumers coming into 2017. Consumer confidence had been sliding after peaking in March near the all-time high point, but there was an undercurrent of angst associated with fading hopes for quick action on healthcare, taxes, infrastructure, and even deeper cuts in government regulations.

Today’s news on the sudden sharp rebound in confidence reflects the fact that a growing economy is infectious and can be sustained even with the remnants of the prior administration’s anti-business policies.

There are several highlights, but one I mentioned on Twitter, and then President Trump pointed out 25 minutes later, is the labor differential.

• Jobs Plentiful 34.1 from 32.0
• Jobs Hard to Get 18.0 from 18.4
• Differential 16.1 the4 highest since August 2001

Business conditions good also soaring 33.3 from 30.6 as consumers indicating increased plans to buy automobiles and homes but fewer appliances.

There is lingering concern, however, about the ineptness of Washington, D.C., reflected in what consumers expect six months from now. While there was improvement month to month this component of confidence is well off the 2017 high point.

Overall, this is a great session even with technology trailing.  There are a lot more earnings reports however to digest, and this market is clearly looking for a moment to consolidate gains.