Today’s Trading Activity – Treasury Yields Inched Higher as Stocks Climbed to New Records
Dec 11, 2017
Stocks finished near their highs of the day and gains of 0.23% and 0.32% for the Dow and S&P were enough to cement new record highs for those two indices. The Nasdaq was the day’s top performer with a 0.51% gain but remained below its last record from late November after being beat up in trading over the last week or two. Within the S&P, telecom and information tech companies were the top performers as nine of the eleven sectors added value to start the week. Energy companies gained enough to finish in third place as prices rose across the energy-commodity complex. Crude prices led the way as both WTI and Brent finished near multi-year peaks on news of the closure of the key Forties Pipeline System in the North Sea (between the U.K. and mainland Europe). Financials finished in last place despite Treasury yields inching up. The 2-year yield led a rise across the curve by added 2.4 bps to 1.82%. The 5-year yield rose 1.7 bps to 2.16% and the 10-year yield increased an even smaller 1.3 bps to 2.39%.