The path to higher interest rates in the US has the dollar soaring, precious metals collapsing, and the stock market oblivious to it all - moseying higher towards 20,000 on the Dow. Asian markets almost all finished lower today, but European shares were up an average of about 1%.
10-year Treasuries popped above a 2.6% yield today, while Europe's central bank is still pursuing a policy of keeping rates down. That's bringing money into the US dollar, apparently with some of it coming from gold and silver holdings. Shortly before the close, gold is down another $15, silver fell 86 cents, and platinum is $28 lower. By the close, bond prices had rallied back to finish about unchanged.
Crude oil held its own, finishing about unchanged also. The dollar, beneficiary of higher interest rates, rose to 103.12. Economic news was mixed, with the exception of a big jump in The Philadelphia Fed business ... Log in or subscribe to continue reading.
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