NASDAQ index higher 0.75%
NASDAQ index higher 0.75%
The new PMI data was not as strong as hoped. Sales of new homes and the Richmond Fed’s economic index were both weaker than expected, while the consumer confidence flash estimate was negative but not as weak as anticipated.
Weaker data has had the effect of driving yields lower. The two year yield is now at 3.247%, a decrease of 6.9 basis points. The 10 year yield has similarly declined, and is now at 2.996%, a drop of 2.2 basis points.
The dollar has unfortunately dipped and this has surprisingly caused the NASDAQ to surge (yes, you read that correctly). It’s currently up 92 points or 0.74% at 12472.72 after bottoming out at 12352.03. That low took it down 6.29% from its recent highs– talk about a swift recovery!
Afternoon trading has seen some ups and downs, but indexes are currently on the rise. The S&P index is up by 19 points, while the Dow industrial average has increased by 50 points. Crude oil prices have also seen a significant jump, rising by $3.10 per barrel.
One Comment