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Richard's Thoughts on New Highs

Daily Recap

With a few exceptions, global equity markets enjoyed another day of solid gains. In Europe, all markets except Italy's moved higher. And in Asia, only the Hang Seng headed lower, with Japan's Nikkei the best performer, up 1.2%.


In the U.S., stocks once again set new all-time highs. The Industrials climbed 143 points to 19,756.85 but the Transports backed off, closing down 0.15%. The Nasdaq and S&P 500 were up 0.5% and 0.6% respectively.


The dollar had another strong day, up 0.5% while bonds continued to sell off. The yield on the 10-year note rose to 2.47%.


Precious metals continued their decline with gold falling $10, silver losing 13 cents and platinum falling a massive $28. Miners were also lower with XAU falling 3%.


The University of Michigan's consumer sentiment index jumped 4.5% to 98.0, which is just shy of its post-recession high. Record numbers of respondents reported excitement about the prospect of new economic policies.



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