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Daily Recap

Asian markets were dull, virtually unchanged, except for India's SENSEX and Nifty indices, up sharply on election results.  European shares were higher in the morning, then sold off on lower oil prices and concerns about production quotas.

In the US, traders focused on tomorrow's Fed meeting and the prospect of additional rate hikes on top of this month's presumed increase.  The CBO's estimate of 14 million Americans losing health coverage under the proposed Republican replacement for Obamacare is worrisome, as that could further delay changes in taxes - a key force behind the market's surge since November.  Declining oil and energy share prices didn't help either, with the net effect of US stock indices being moderately lower throughout the day.

Bond prices rallied a bit today, following yesterday's drop to the lowest price in over 2 years.  The 10-year Treasury yield fell back below 2.6%, to 2.594%.  The US dollar gained slightly, ... Log in or subscribe to continue reading.

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