Stocks shot higher in overnight trading as investors cheered strong bank earnings and headed higher in early trading. Treasury yields were flat in overnight trading and after a brief move higher, were slowly moving lower.
Initial unemployment claims fell to 293k but remain 50% higher than normal. Total claims, including all forms of Pandemic Unemployment Assistance, fell -523k to 3.649 million.
The Producer Price Index rose +0.5% in September and +8.6% from this time last year. Excluding food and energy Core PPI rose +0.2% in September and +6.8% from this time last year.
The Department of Energy reported crude oil inventories as Crude: +6.088mm (+702k expected), Cushing: -1.968mm, Gasoline: -1.958mm (-83k expected), and Distillates: -24k (-933k expected).
Stocks closed higher on the day while Treasury yields closed lower on the day.