The major stock market averages opened higher again today. The Dow—currently up 65 pts—briefly touched a new all-time high. The SPX is up very slightly. Believe it or not, the telecom is leading the way, up .8%. A host of other sectors and industries are higher on the day as well (i.e. semiconductors, transports, consumer goods). Utilities & healthcare are in the red. European stock markets are poised to close up about .3% and most of Asia was higher overnight. The dollar is slightly lower against a basket of foreign currencies today, but has been strengthening over the last month. And if US economic growth accelerates & the Fed hikes interest rates again late this year, you can expect that the dollar will rise. Commodities are mixed today. Copper and gold are higher on the day but WTI crude oil backed down to around $50.30/barrel. Bonds are trading mostly higher as yields edge lower. The 5-year and 10-year Treasury yields are currently at 1.92% and 2.33%, respectively.
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