Stocks zipped higher in overnight trading as global investors celebrated the ECB raising policy rates. Treasury yields fell in overnight trading. Stocks rallied in early trading as investors are breathing a sigh of relief. After a quick move higher, Treasury yields were falling in early trading.
Wholesale inventories rose +0.6% and wholesale trade sales fell -1.4% in July. Stocks closed sharply higher as the short-covering rally that started two days ago continued. Treasury yields closed slightly lower on the day as every decline in yields was aggressively sold all day.