Stocks rose in overnight trading but quickly reversed as fears hit investors which sent stocks substantially lower in early trading. Treasury yields sold off in pre-market trading as computer algorithms dump Treasury bonds. Yields quickly reversed their overnight losses in early trading as investors look to bonds for safety.
The Markit Manufacturing PMI rose in December to 57.1 from 56.5, indicating the U.S. manufacturing sector is growing at a slower rate.
Construction spending rose +0.9% in November, slowing from its prior month, and slowed slightly to +3.8% from this time last year.
Stocks rose off their intra-day lows to close lower on the day. Treasury yields closed slightly higher on the day as sellers pushed back against the early morning rally in bonds.