After my two sentence commentary yesterday about the bears ruling the markets, the DOW made almost a 400 point run up from the bottom. (Really, it was the Fed minutes showing that inflation should remain low and the dollar strong longer than anticipated.) Today however, stocks have given up almost all of yesterday’s gains, currently down 296.
Weekly Jobless Claims come in lower than expected this morning, but still show 278,000 folks applying for unemployment for the first time last week.
All of this is really boding well for bonds, the 10 year treasury note down to its lowest level since June of last year.