The markets posted solid gains in today’s session after last week marked the worst week for the markets in two years. Investors are still watching interest rates closely as the benchmark 10-year US note yield hit a four year high. With light economic data early this week, all eyes are on the Consumer Price Index reading that will come out on Wednesday for a better idea of where interest rates may go moving forward. At the end of the day, the major averages closed higher for the second day:
DOW +410 at 24601
SP500 +36 at 2656
NASDAQ +107 at 6981
10 Year Treasury closed up 3 basis points to yield 2.85%
Oil prices closed +.12 at 59.11 a barrel
Gold prices closed +10.10 at 1325.80 an ounce
In the days’ stock news:
- Infrastructure stocks surged on news of the President’s $1.5 trillion infrastructure spending plan. US Steel was up more than 5% on the day while Caterpillar was up over 2%.
- We saw a big rebound in tech, with the Nasdaq rebounding back into positive territory for the year. Amazon was up 3.5% at 1386.23, Apple was up 4% at 162.71 and Intel was up 2% at 44.83.