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Market Brief – Tuesday 1/18/22

Stocks started the day sharply lower and continued lower in early trading. Treasury yields spiked higher after speculators aggressively shorted Treasuries during the thinly traded holiday session. Yields rose further in early trading.

The NY Empire Manufacturing Index went from a strong expansion to a contraction in January as the index fell from 31.9 to -0.70.

Stocks closed lower on the day as selling persisted for most of the day. Treasury yields climbed to their highest level since June 2021 as speculators best on higher interest rates.