Wall Street closing at all time highs again
|Wall Street was rallying on Tuesday and simultaneously closing at records for the second session in a row.
Despite disappointing data from the US economy in the US PMIs, the Dow Jones Industrial Average rose 0.6%, or by 118.95 points, to a record 20,743.00 and this was the eighth straight session of closing records and the longest winning streak since July 20, 2016. The S&P also rose and by 0.6% to close at a record 2,365.38, a gain of 14.22 points. Meanwhile, the Nasdaq Composite Index gained 27.37 points, or 0.5%, to finish at a record 5,865.95.
The US dollar index is around 0.4% higher even after US manufacturing PMI (Markit) that fell from 55.0 to 54.3 (vs 55.4 expected). The employment component also slipped to 52.7 from 53.9.
After the holiday yesterday, US 10yr treasury yields reopened at higher levels and up to 2.46%. However, the 10-year dropped back to 2.41% where it closed on Friday while shorter yields sustained gains, though, the 2yr in a higher 1.20%-1.22% range (vs 1.19% Fri) and the auction awarded at 1.23%, as noted by analysts at Westpac adding that Fed fund futures implied rates were slightly firmer, "The April contract at 0.72%, which implies around a 40% chance of a rate hike in March)."
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