Stocks rallied in overnight trading and extended their rally in early trading. Treasury yields were hammered higher in overnight trading but quickly met buyers after the opening bell as 30-year Treasury yields were rejected at 2.4% and headed lower.
The trade deficit hit its largest level in February with a -$86.72 billion difference between imported and exported goods.
The Personal Consumption Expenditure (PCE) price index rose +0.1% in February and +1.6% from this time last year. Excluding food and energy, the Core PCE price index rose +0.1% in February and +1.4% from this time last year.
Personal incomes crashed -7.1% in February, the largest one-month move as consumers did not have government transfers to boost their incomes, and personal spending fell -1.0% in February as a result.
Stocks closed higher in a bizarre day of seesaw trading as buyers and sellers aggressively moved the major indices up and down. Treasury yields closed slightly higher as buyers once again rejected multiple attempts to break yields above 2.4%.