Stocks were mostly lower today, with notable exceptions. The Asia Dow rose 0.38% due to strength in Japanese and Korean shares and despite a big drop in the Shanghai Index. In Europe, all major markets fell, leaving the STOXX 600 with a 0.45% loss on the day. Latin American markets were all modestly lower. In the US, stocks started higher but then traded lower on renewed fears of trade problems between the US and China. The NASDAQ rallied, however, on great sales and earnings news from Apple, which hit new all-time highs.
The Federal Reserve opted to stand pat on rate increases, confirming the status quo there. Bond prices took a hit everywhere around the world, with the yield on the US 10-year note bumping up to 3.00%, partly the result of strong US economic data that will make it easier for the expected two more interest rate hikes this year.
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