Stocks Creep Higher While The Bond Rout Continues: Here's What You Need To Know


A slow day for the stock market, but another very black day for bonds.

But first, the scoreboard:

Dow: +13.32

NASDAQ: +10.67

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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