Bonds have been ripping higher during the past hour and, after losing 23/32nd early, the benchmark ten-year Treasury bond is back to unchanged. The rally in bonds came after the ISM manufacturing index for August and July construction numbers were released at 10:00 a.m. Eastern time and numbers came up short of analyst estimates. Also, Fannie (FNM) and Freddie (FRE) came off the days highs after Fitch lowered ratings on preferred stock to BBB-. FRE hit a high of $5.23, but is now up 32 cents to $4.83. The major averages also pulled back from the day’s best levels and the Dow, which hit a high of 11,790, is now up 156 points to 11,700.
Category: All ETFs
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.