Friends
Are market participants beginning to become comfortable with the realization that interest rates are going higher? We saw the yield on the 10-year Treasury Note move above 1.95% for the first time in a couple of years, and stocks seemed to be just fine with it. The market averages moved slowly higher through most of the trading session almost in defiance of the move in the bond market.
By the close, the Dow Jones Industrial Average was up 371 points to finish the day at 35,462. The S&P 500 was up 37 points to close at 4,521. The Nasdaq Composite Index was up 178 points to close at 14,194. Gold was up $6 to trade at $1,828 per ounce, while oil was down $1.78 to trade at $89.54 per barrel WTI.
It was a bit of a different move today with the Dow and Nasdaq both up nicely together. We have seen lately that those two indices have often moved in different directions from each other during trading sessions. Remember, we get a look at the Consumer Price Index on Thursday which will likely be the focus for traders this week. But so far, the markets appear to be handling the prospect/reality of higher interest rates better than in January. Stay tuned.
Have a nice evening everyone.
