US stocks rise, as this morning’s data batch presents a mixed picture, and a key Fed official signals QE2 is on the way. Maybe. Sort of. It depends.
DJIA rises 42 to 10830, still down about 0.3% on the week. That snaps a four-week winning streak. S&P 500 gains 5 to 1146 (the 1150 level remains an important headwind here; the day’s high was 1150.30,) Nasdaq Comp adds 2 to 2371. It’s another good day for the cool kids, of course. Euro pierces $1.37 and is approaching $1.38. Gold hits another record, it’s set one in 11 of the past 14 sessions, currently at $1.318.70. Treasurys ease, but the 10-year yield is still at only 2.51%.
This morning’s data come in “better than expected,” but the picture they paint is decidedly mixed. ISM manufacturing index, for example, eases, with new orders a notable slider. We previously explained what we think of the income report.
So when NY Fed’s William Dudley terms the recovery “wholly unsatisfactory,” you know he’s not just whistling Dixie.
Elsewhere, the SEC and CFTC released their much-ballyhooed flash-crash report. The big takeaway? The bots did it. Thanks for sharing.