The Market Snaps Back

The stock market is having a nice rally today. As I write this, the S&P 500 is up more than 2.4%. On Friday, the stock market closed out a lousy day, week, month and quarter. Give it time and we can add “year” to that sentence.

The bond market is doing quite well today which may suggest that we’re returning to a daily battle of stocks against bond. This is a change from before when both stocks and bonds moved lower. That’s what inflation can do. The 10-year yield is down about 16 basis points.

This morning’s ISM Manufacturing Index came in at 50.9. Any number below 50 means the factory sector of the economy is contracting.

Posted by on October 3rd, 2022 at 2:19 pm


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