Friendly U.S. Economic Reports Underpin Stocks
Traders looking for pre-holiday selling pressure in the equity markets today received a surprise when better than expected initial claims and durable goods reports helped underpin the markets while driving prices to their highest levels this week.
Treasuries continued to weaken. March Treasury Bonds and Treasury Notes sold off following the better than expected initial claims and durable goods reports. Signs of an economic recovery should continue to provide upside pressure on yields as traders price in the strong possibility the Fed will hike interest rates sooner than expected.
The U.S. Dollar finished lower against a basket of currencies under thin, pre-holiday trading conditions. Today’s weakness could have been worse had it not been for better than expected initial claims and durable goods. Both reports signaled an improving economy.
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