Stocks Are Soaring

Since the opening bell rang at 9:30 AM, the stock market has been advancing.

The S&P 500 is currently trading at 1653, up 0.7% from yesterday’s close.

The oil & gas and basic materials sectors are leading the way, both up 1.1%, while the telecoms sector is the only one in the red, down 0.6%.

The biggest individual movers: GameStop, up 14.5%, Cliffs Natural Resources, up 8.3%, and Peabody Energy, up 4.8%.

This morning before the bell, initial jobless claims for the week ended August 17 came in worse than expected at 336,000, up from 320,000 in the previous week. Economists had predicted 330,000 initial claims.

At 8:58, Markit’s flash U.S. manufacturing PMI indicator confirmed that American manufacturing is accelerating at the fastest pace in five months, yet the index failed to produce rise as much as economists on Wall Street were expecting.

Nonetheless, stocks are rallying on the open.

After soaring to fresh new multi-year highs of 2.94% in overnight trading, the yield on the 10-year Treasury note has retraced to current levels around 2.88%, below yesterday’s close.

The chart below shows trading in S&P 500 futures.

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