Stocks and Treasury yields were down slightly overnight trading after the ECB announced the end of its QE program and that it would soon begin tightening monetary policy. Stocks were flat in early trading while Treasury yields gave back a bit of their overnight decline.
Initial unemployment claims rose +27k to 229k last week. Total claims fell -35k to 1.283 million indicating unemployed workers continue to have no problem finding new jobs.
Today’s $19 billion 30-year Treasury Bond auction was met with strong demand as foreign bidders took 69.0% of the auction and domestic bidders took 16.9% of the auction, leaving securities dealers with 14.1% of the auction.
Stocks closed sharply lower and Treasury yields slightly lower on the day.