The market turned on news the service economy is zooming better than expected. Expectations were high for the ISM report, which came in at 59.5 – the second-best reading since the series began in 2008.
At midday, all the major indices are firmly in the green. The Dow is at the high of the day up 260 points, and all 11 sectors of the S&P are positive. Financials, Materials, Real Estate, Technology and Utilities are among the leaders, while Consumer Staples, Health Care and Industrials lag. Advancers outpace decliners 1993/871 on the NYSE and 1836/898 on the Nasdaq.
The dollar is down against a basket of currencies. Thus, oil is up 2.2% with WTI trading around $62.60. Treasury yields after being lower earlier are now up a fraction with the 10-year trading at 2.87%.
|Charles, It looks like a change in "Market Character." Open down and close up!!|
Dan Cooney on 3/5/2018 3:56:29 PM
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