Markets Right Now: Spike in bond yields upends a stock rally

Jerome Powell Chairman of the Federal Reserve

Seven of the 11 major S&P sectors were higher, led by a 1.04 percent gain in the industrial index SPLRCI.

Stocks were higher before the minutes of the Fed's January meeting were released at 2 p.m. ET, then climbed even more once the details came out.

While the Nasdaq dipped 8.14 points or 0.1 percent to 7,210.09, the Dow climbed 164.70 points or 0.7 percent to 24,962.48 and the S&P 500 inched up 2.63 points or 0.1 percent at 2,703.96. Major stock indices rose sharply with the Dow jumping more than 300 points before paring gains completely. Most recently, the 10-year Treasury note was down about basis points at 2.88%.

The Nasdaq Composite also gained 0.7 percent to trade at 7,268.93.

Moto G6 Plus Cases Leak, Along With Phone Renders
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S. short-term interest rate futures continued to reflect expectations of three rate hikes this year, based on a Reuters analysis.

The 10-year U.S. Treasury bond yields, the benchmark for global borrowing costs, were slightly below the four-year peak at 2.8987 percent. Fannie Mae asks for.7B Bannon wanted Trump to keep Yellen as Fed chair: report Circumstances around Yellen's departure akin to Greenspan's MORE left him with a Fed that was well behind the interest-rate-raising curve.

"The rally on Bullard was a little overzealous", said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

With that economic growth interest rates are rising and that is a good thing. However, if he fails to heed Milton Friedman's teaching that monetary policy operates with long and variable lags, we should brace ourselves for a prolonged period of very unsettled financial markets. Speakers include New York Fed president William Dudley and Boston Fed president Eric Rosengren in the morning and Cleveland Fed president Loretta Mester and Kansas City's Ester George due to speak in the afternoon.

Why Mikaela Shiffrin brought 35 pairs of skis to the Olympics
Shiffrin finished 16th in Monday's downhill training run at the Jeongseon Alpine Center. I'm proud to have competed for my country, I'm proud to have given it my all".

"Recently, he has been tilting hawkish and so may be indicative of a gradual shift in the center of gravity of the FOMC".

Blue Buffalo Pet Products Inc (NASDAQ:BUFF), saw its share lift 16.91% at US$39.89 after it agreed to be taken over by General Mills Inc (NYSE:GIS) for US$40 per share in cash, or a total of US$8bn. It shed about 1.4 percent this week, its biggest weekly decline since early December.

His audience will include investors who unceremoniously greeted his early tenure with one of the fastest 10.0 percent falls in Wall Street stocks in history this month.

Shares of Xcerra Corp.(XCRA) could be active after the company that provides testing technology for semiconductors and electronics said it would terminate its sale to a Chinese group (http://www.marketwatch.com/story/xcerra-calls-off-580-million-deal-amid-scrutiny-2018-02-23), saying federal approval was too hard to get for the $580 million deal.

Willian confident of Champions League progress despite Messi magic
Nevertheless, Willian saw enough in Chelsea's performance at Stamford Bridge to suggest they can upset the odds in the second leg. At the same time I think this game must give us a lot of confidence to trust that in the second leg the qualification is open.

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