Europe closes near its highs, most country indices on either side of up or down 1 percent.
After a miserable week, stocks, bonds, the euro and commodities ALL up. Stocks at highs for the day.
It's not hard to understand why:
1) time for — at least — a short-term bounce. For the second time in as many days, I saw oversold levels at the open I have rarely seen. Example: 120 advancing stocks, 1,600 declining stocks.
2) Germans approve euro aid
4) stock index futures expiration at the open were positive for stocks.
But why are Treasurys up again after such a huge runup? Peter Boockvar at Miller Tabak provides a plausible explanation:
"With mortgage rates approaching the lowest level in many decades, the risk of refinancing from the perspective of holders of MBS is rising. In response and in order to maintain benchmark duration levels...mortgage players have to buy US Treasuries to reextend their average maturities."
S&P's Top Percentage Gainers:
(as of this writing)
Marshall & Ilsley
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