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Daily Recap

Stocks were higher today, both in Europe and the US. London's FTSE gained 0.59%, while Germany's DAX rose 0.94%. The STOXX 600 rose 0.9%, and the Global Dow added 0.34%.

 

In the US, a strong housing report boosted equity prices. July's new home sales spiked up, in their strongest increase in 9 years. Market participants are still waiting for Fed Chair Janet Yellen's comments on Friday, but there is more and more focus on earnings and the market's strong underlying fundamentals than on interest rate changes. A rate increase at this point would hardly be a big shock, so everyone is simply focusing elsewhere. One result is the least volatile stock market in 20 years, as judged by the S&P 500 over the past 30 days.

 

Bonds rose, with US Treasuries falling 5 basis points on the long end. The dollar rose earlier, but then finished about unchanged. Oil prices were ... Log in or subscribe to continue reading.


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