US stocks took a break today, following yesterday's strong upward move, while foreign markets rallied to catch up with the Yanks. The Asia Dow was up 0.2%, with modest gains in two-thirds of the major markets. In Europe, Germany led the charge, though all major exchanges were higher; the STOXX 600 added 0.27%. But in the US, second thoughts about trade war optimism joined concerns about Iran and N. Korea to encourage traders to take profits. As a result, the Dow Industrials was down most of the day, and eventually dragged other key indices down with it.
Bonds were calm, as apparently investors have come to accept 3+% yields as being here to stay on the 10-year T-note. Ditto on 93+ on the US dollar index. In today's quiet trading, the 10-year note yield stood at 3.06%, unchanged from yesterday. The dollar index was also about unchanged, at 93.56.
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