Why Today Was A Double Whammy For Stocks
The record high reading in the
Empire State Manufacturing Survey sent equities soaring and Treasuries tumbling
today.Â
Equity
US stocks more than made up for Friday’s losses,
in the wake of a much stronger than expected New York Manufacturing data. A
strong showing in the housing market index gave stocks a further boost. Oil and
gas drilling stocks were the black sheep of the bunch, however, on the back of
ratings cuts and lowered guidance. The Nasdaq future
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up 20.70 to finish at 1009.60,
and the Dow
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Fixed Income
U.S. Treasuries fell on the back of equity market strength.
The 10 year futures contract
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was down -30 at 121-23; and the five year note was down -145 at 116-150
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Metals
July gold
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359.80. Silver
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76.05
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Energy
July crude
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at 5.720
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Currencies
The dollar broke its losing streak and the USD index
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up by .16 and
finished at 92.80.