Richard's Thoughts on the Three D's ... Dollar, Debt, and Deflation
U.S. stocks rallied today, closing out the 4th week of higher prices. Good news for telecom companies helped the overall market overcome weakness in industrial stocks. European and Asian markets were mostly lower, while all major American (both North and South) exchanges finished higher today. Near the close, the Dow Industrials are up 53 points -- not bad, considering the negatives everyone keeps talking about.
Crude oil had another tough day on news that the number of new drilling rigs was up again -- for the 4th week in a row. Oil prices lost 57 cents today, finishing at $44.18/bbl.
Treasury yields slipped, with lower yields (and higher prices) most evident in 2-year to 10-year maturities. The US dollar rose to its highest level since March, with the index up 0.6%.
Precious metals were left behind today, what with stocks and bonds rallying and gold's buddy, oil, struggling. At the closing bell, ... Log in or subscribe to continue reading.
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