Market Reflections 7/15/2009

Strong earnings from Intel and Goldman Sachs together with an upbeat economic assessment in the latest FOMC minutes sent stocks back to levels last seen in late June, before that month's disappointing jobs report. In a big rally, the S&P 500 rose 3% to just over 930. Economic data was less upbeat headed by another decline in industrial production but also including an Empire State report where declines are becoming marginal. Money moved into commodities with oil ending under $62 and gold ending over $940. Demand for the safety of the dollar fell back, another reason for the gain in commodities. The dollar index ended at 79.30, down 0.7 percent. Money also moved out of Treasuries where the 10-year yield rose 12 basis points to 3.59 percent