A slow day for the stock market, but another very black day for bonds.
But first, the scoreboard:
S&P 500: +4.53
And now, the top stories:
- Asian and European markets ended mixed. As for the debt crisis, there were few developments except comments from the IMF’s Strauss-Kahn calling for a “comprehensive” solution.
- In America yesterday’s bond massacre continued, as investors look toward growth and a possible end to QE. A $21-billion Treasury auction at 1 showed a 10-year yield at 3.34% and rising. Muni-bonds faced a particularly severe sell-off, as investors realised that Washington might not extend Build America Bonds.
- Gold and silver also turned south, down 1.90% and 4.75% respectively. Check out Goldman’s bullish target on… gold >
- Debate continued on Obama’s tax deal, with several Democrats and at least one Republican saying they might oppose the deal.
- Half an hour before the close, the Treasury announced plans to sell one-fifth of AIG in the first half of 2011. AIG shares tumbled on the news, before trading was suspended.
- And the coolest story of the day: Everyone is watching hackers wage war against Mastercard and Visa on behalf of Wikileaks. Check out Operation Payback’s greatest hits >
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