The stock market is moving higher as bonds move lower today.
That’s a less and less common occurrence lately, as Citi FX guru Steven Englander illustrated in two great charts yesterday.
The S&P 500 index is trading at 1752, up 0.4%, while the Dow is up 0.7% (over 100 points), trading around 15,518.
10-year U.S. Treasury futures are 0.2% lower, and the yield on the 10-year Treasury note is one basis point higher at 2.51%.
Gold is having a strong day, trading up 1.1% at $US1348 an ounce.
Economic data this morning were mixed:
- Initial jobless claims fell, but not as much as economists predicted. The data were still mired by technical issues, however.
- American manufacturing output contracted in October for the first time since “the height of the global financial crisis” in September 2009, Markit said in its flash U.S. PMI survey.
- The trade deficit widened slightly.
- The Kansas City Fed’s gauge of regional manufacturing activity unexpectedly bounced back to an index reading of 6 from September’s 2 reading, but failed to retake August’s 8 reading.
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