- Stocks are holding onto solid gains, with the broader market now higher for the week. But bonds are selling off sharply, with the market perhaps not so sanguine about the Fed's tilt to tapering.
- The Treasury yield curve is steepening again, with a surge in Gilt yields in the U.K. also reflecting concerns about the punch bowl going away.
- The 10-year Treasury yield is up 11 basis points to 1.42%, the highest level since mid-July.
- The U.S. dollar and gold are also falling.
- The S&P (SP500) +1.2% on the day is now in the green for the week after starting with three days of losses. It's also back above its 50-day moving average, which had been a solid level of support.
- The Nasdaq (COMP.IND) +1.0% is rising. The Dow (DJI) +1.5% leads the major averages thanks to a big price jump in Salesforce on higher revenue outlook.
- Nine out of 11 S&P sectors are higher, led by cyclicals. Energy and Financials are at the top.
- Real Estate and Utilities are the only decliners.
- One shop argued earlier today that yields will stay lower for longer due to a global debt trap.
