The big story today was the gold selloff. Stocks were kind of a snooze.But first, the scoreboard:
S&P 500: +1.60
And now, the top stories:
- After yesterday’s huge rally, stocks were mixed overseas, with much of Asia rallying, but China sliding. China reported GDP at a blistering 9.6% GDP, but it also reported hotter inflation, which probably explains the country’s move to some rate tightening.
- Europe rallied. Not much really happened there.
- In the US, the one big economic datapoint was the weekly jobless number, which came in pretty strong. That set the tone for the day.
- Stocks rallied pretty hard early on, but it didn’t appear that this was just your typical “more QE please!” rally. Gold and Treasuries both slid, though the slide in gold was especially bloodbath-ish. At one point it hit $1320/oz. The other day, right after Bernanke spoke to the Boston Fed, gold touched $1380.
- In the afternoon, the equity rally evaporated, but then that turned around too, and we got the moderate ending we did, which was mixed. The story was not the stock market today. It was the selling in gold and Treasuries.
- One notable development: eBay announced a $1.5 billion bond offering. It could be the sign of higher interest rates ahead.
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