Reply #72: 1:51 EST faeries reported in early - fingers in dike and ears [View All]

[UpInArms]

Dow 11,215.30 -24.25 (-0.22%)
Nasdaq 2,361.33 +1.58 (+0.07%)
S&P 500 1,308.64 -2.92 (-0.22%)
10-Yr Bond 4.893 +0.54 (+1.12%)

NYSE Volume 1,464,883,000
Nasdaq Volume 1,393,376,000

1:25 pm : Stock investors continue to take a trading cue from the Treasury market. Over the course of the session, sellers have dominated there. A rally in the Euro zone had led to some early recovery attempts, but Treasuries gave back ground as European trade closed. At this point, the benchmark 10-year note (-11/32) is yielding 4.89%. As we noted earlier, 4.90% marks a four-year high. Consistent with the recent trend, the back end of the curve is faring worst. The 30-year note, which is most sensitive to inflation, is down 27 ticks and up to a 4.96% yield. Traders remain on the defensive ahead of tomorrow's employment data. The report is closely watched, and is apt to garner increased attention in light of the uncertainty surrounding monetary policy. As the Fed has asserted, policy decisions will depend on the data. In looking at the March report, the market is apt to key in on the hourly earnings and unemployment rate components as they will either temper or raise concerns about wage-based inflation pressures.DJ30 -47.38 NASDAQ -3.27 SP500 -5.10 NASDAQ Dec/Adv/Vol 1748/1175/1.29 bln NYSE Dec/Adv/Vol 2109/1026/928.3 mln