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Richard’s Thoughts on the Yield Cycle

Daily Recap

US stocks completed a week of two-steppin':  Down Tuesday, up Wednesday, down Thursday, up today.  The raison d'jour was a good jobs report, along with the ability of Italy to form a government. Italy's stock market rose another 1.5% today, and Spain was up 1.76%, all helping the STOXX 600 to a 1.01% advance.  Asian shares were less excited, with the Asia Dow gaining a modest 0.29%.

US shares opened more than 100 Dow points higher today, and then just stayed higher all day long.  At the close, the Dow was up 219 points or 0.9%, and the Transports were up 1.34%.  Representing the overall market, the S&P 500 gained 1.08%, while the tech-heavy NASDAQ was up 1.5%.  Small-caps again lagged a bit, up 0.83%, with overall market breadth solid: 2,086 gainers vs. 889 declining NYSE issues.

Fixed income markets headed south in the day's "risk-on" environment, and with renewed signs of a firm economy.  ... Log in or subscribe to continue reading.

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