Stocks rallied in overnight trading as news of a temporary debt ceiling increase overjoyed global investors. Treasury yields were slammed higher in overnight trading on the same news as investors interpreted this news to be highly reflationary.
Initial unemployment claims fell to +326k last week. Total claims, including all forms of Pandemic Unemployment Assistance, fell -854k to 4.172 million. Nearly seven million people have dropped off unemployment benefits in the past two weeks.
Stocks closed higher on the day but were unable to hold their intra-day highs. Treasury yields closed near their highs for the day as the relentless selling of bonds continues.