The market survived a mid-afternoon taper scare to finish positive.
First, the scoreboard:
DOW: 15,177.80 107.62 +0.71%
S&P500: 1,638.35 11.62 +0.71%
NASDAQ: 3,450.5527.00 +0.79%
And now, the top stories:
- The morning started off with some mixed data prints. June NAHB sentiment came up huge, ticking 52, which is the highest level since April 2006. It was at 44 in May. The June jump was also the biggest one month gain since August and September of 2002.
- But the Empire State Manufacturing survey for June showed declines across most subcomponents despite a positive headline figure. “Overall, the weaker breakdown of the Empire manufacturing suggests that manufacturer sentiment remained on the back foot headline into June, not boding well for a rebound in the ISM manufacturing’s fall into sub-50 territory,” said TD Securities’ Gennadiy Goldberg.
- There was a mid-day “Harding hangup” that sa the markets sold off on a post by the FT’s Robin Harding suggesting the Fed would likely signal “tapering” was imminent at its meeting this week. This was quickly overcome.
- On that note, our Matthew Boesler put together a tongue-in-cheek preview of this week’s upcoming Fed meeting, highlighting why markets are freaked out by “the taper.” It boils down to questions about whether curbing asset purchases will dry up liquidity and cause rates to spike.
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