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The Illusion of Power

Daily Recap

After retreating in the aftermath of central bank officials making the case for a rate hike on Friday, markets rallied today. The move higher was supported by a few solid economic reports.

 

Personal income for July rose 0.4% and consumer spending rose 0.3%. Adding to the feeling that things are okay, core inflation, as measured by the PCE, ticked up 0.1%.

 

All major indexes posted gains with the Industrials rising 108 points and the Transports up 0.5%. The S&P 500 was also up a half a percent and the Nasdaq rose a quarter of a percent. Market breadth for the day was strongly positive.

 

The dollar remained unchanged for the most part after Friday's massive gain, and Treasuries rallied, sending the yield on the 10-year Treasury down to 1.56%

 

On the precious metals side, gold added  $1 per ounce while silver was up 11 cents. The miners joined in on the upside, rising just over one percent.

 

 

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