Friday, August 21, 2009
Market Reflections 8/20/2009
An overnight rally in Chinese stocks gave a boost to U.S. stocks where the S&P gained 1.1 percent to end at 1,007. The market didn't react to the day's batch of mixed economic news: disappointing increases in jobless claims but gains for the index of leading economic indicators and the Philly Fed manufacturing report. The dollar index was little changed at 78.38 as were long rates where the 10-year Treasury yield ended at 3.43 percent. Commodities didn't get much kick out of the gain in stocks with oil ending only slightly higher at $72.50.