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Stop Looking at the Industrials

Daily Recap

The big action today wasn't so much in stocks as it was in bonds. Renewed concerns about international demand for Treasuries sent prices lower, leading to a rise in yields. The yield on the bellwether 10-year note rose to 2.96%, marking the biggest jump in nearly two months. As you would expect, Utilities and other interest rates sectors suffered accordingly.

 

Elsewhere, the U.S. stock market more or less treaded water. The Industrials fell 14 points, the Transports rose 0.67%, and the DJ Total Stock Market Index crept up 0.15%. As for the Nasdaq and S&P, they were 0.28% and 0.18% higher, respectively. Breadth was slightly negative, with 1,257 issues advancing and 1,684 issues declining on the NYSE.

 

Earlier in the day, international markets set somewhat of a bearish tone. All markets in Europe closed modestly in the red, except Spain which rose 0.01%. The net result was the Stoxx 600 losing 0.19%, while ... Log in or subscribe to continue reading.


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