Equity markets edged higher today as oil prices gained and weak economic data reduced expectations for an upcoming rate hike.
Following last Friday's lukewarm employment report, a reading by the Institute for Supply Management showed that service-sector activity sank in August to its lowest level in over six years. This led to a selloff in financial shares and gains in both utilities and telecom - both moves that are indicative of rates staying lower for longer.
The Industrials ended the day up 46 points with the Transports trailing behind, up 0.07%. Utilities were the big winner, up 1.1%, while the Nasdaq finished up half a percent and the S&P climbed 0.3%.
Treasuries rose, pushing the yield on the 10-year down to 1.54%, while the dollar index fell by over 1%.
In the precious metals markets, gold had a big day, up $27/ounce or 2%. Silver had an even bigger day, climbing 77 cents or ... Log in or subscribe to continue reading.