Calmer US/China give stocks a boost
There is more calm in the market as a result of the Chinese saying the yuan will not continue lower. Larry Kudlow just gave the market a little boost by his cheerleading on CNBC.
A snapshot of the markets are now showing:
- S&P index +26.48 points or 0.93% at 2871
- NASDAQ index up 104 points or 1.35% at 7830.12
- Dow industrial average of 202 points or 0.79% at 25920.33
The S&P fell below it’s 100 day MA yesterday currently at 2901.44 (200 day MA is at 2790.70). Keep that level in mind. For the Nasdaq, its 100 day MA is up at 7929.66 (200 day MA below is at 7553).
In other markets
- spot gold is near unchanged levels of $1464
- WTI crude oil futures are up $0.41 or 0.75% at $55.10
In the US debt market, yields are higher after yesterday’s sharp moves to the downside:
- 2 year, 1.609%, +3.6 basis points
- 10 year 1.764%, +5.7 basis points
- 30 years 2.314%, +6 basis points