It was another very quiet day for stocks, but bond yields continued to rise as they have for the past few trading sessions. Today the 10 year Treasury Note dipped in price as the yield climbed to 1.72%. That may not sound like a lot, but those yields were less than 1.45% just last week. But, as mentioned, stocks continue to be very quiet.
For the day, the Dow Jones Industrial Average was up 73 points to close at 26,909. The S&P 500 was up less than a point to finish the day at 2,979. Gold was down $14 to trade at $1,496 per ounce, while oil was down $.30 to trade at $57.55 per barrel WTI.
We’ll get a look at the Producer Price Index tomorrow and then the Consumer Price Index on Thursday, but it’s doubtful they will be extraordinary enough to affect Fed action next week. A quarter point cut in the Fed Funds rate appears to be a foregone conclusion. Of course, things can change before then. Stay tuned.
Have a nice evening everyone.