US stocks continue the week’s erratic trading, rising after yesterday’s selloff and after Monday’s rally, as investors absorb a raft of economic data and GM edges closer to bankruptcy, although it might finally have the bondholders on board.
DJIA jumps 104 (1.3%) to 8404, S&P 500 gains 14 (1.5%) to 907, Nasdaq Comp rises 21 (1.2%) to 1752. Big Board volume’s weak. Again, Treasurys market is the big focus; 10-year yield hits key 3.75% mark, rising as high as 3.76% actually, but later falls to 3.64%.
So, let’s see. Monday the Dow surged ahead about 195 points (confidence looks great!) Yesterday, it slid 173 (government debt looks scary!) Today it rose 104 (well, gosh, some things look good and some things look bad.) What it really looks like is the pros are just playing games here.
Durables orders rise sharply. Initial jobless claims slide, but continuing claims strike fresh record. MBA reports rising joblessness is pushing up mortgage defaults
Every sector rises except consumer discretionary. Financials lead, aided by late rise. Energy up smartly as crude crosses the $65/barrel mark, which should be a concern for everybody else.
Keep an eye on those gas-station marquees, folks.