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Market Prozac

Daily Recap

After taking a rest last Thursday and Friday, global markets edged higher, adding to last week's gains. The move was triggered by strength in commodity prices, especially oil, which was up 6% and back above the $30/barrel mark.

 

The rise in riskier assets was met with declines in safe haven assets such as gold and Treasuries. Gold declined nearly 2% but remains above the 1200 mark. Treasuries declined very modestly with the yield on the 10-year note rising to 1.76%.

 

A reading on U.S. manufacturing came in at 51.0, well below expectations. While still technically in expansionary mode (above 50), the reading is the lowest in three years and reiterates the difficult environment manufacturers find themselves in.

 

At the close, the Industrials were up 228 points or 1.4%. The Transports rose 1.9% and the Nasdaq followed suit, up 1.5%. The broader S&P was also up 1.5%. Advancing issues outpaced declining issues by about ... Log in or subscribe to continue reading.


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