Dow stocks leading the way.
The major indices are opening with strong gains with the Dow 30 stocks leading the way.
The snapshot of the market currently shows:
- S&P index up 77.73 points or 2.53% at the 3144.32
- NASDAQ index up 204.21 points or 2.10% at 9930.23
- Dow industrial average up 747 points or 2.9% at 26510.53
Although higher, the major indices have come off from premarket high levels. The retail sales data sent the price to new premarket high levels but industrial production was a bit weaker than expectations and that tempered the gains.
The gains today are as a result of chatter about a new $1 trillion fiscal stimulus package along with realization of the Fed's intention to not only provide support but look to increase inflation in the process. They have a ways to go in that respect. Recall however, that the FOMC decision and subsequent comments from Fed's Powell was not taken too well as he expressed concerns about the economy going forward. Powell will testify on Capitol Hill starting at the top of the hour.
In the US debt market, yields remain higher with the 30 year leading the way with a 8.6 basis point gain.
- 2 year 0.197%, +0 point basis points
- 5 year 0.355%, +0.12 basis points
- 10 year 0.7661%, +4.4 basis points
- 30 year 1.549%, +8.9 basis points
The 30 year yield moved above its 200 hour MA today at 1.5418% after bottoming yesterday down at 1.3837%. However, that is still off the high from June 5th at 1.759%.
Spot gold is trading down $-1.70 now at $1723.23. The high price reached $1733.07.
WTI crude oil futures are up $1.40 or 3.8% at $38.55.
