The Economy Is Booming, So the Market Indexes Fell. Go Figure.
Business activity just hit a five-year high. Treasury yields hit a 19-year high. Guess which one stocks cared about.
Overview
American business activity just hit a five-year high. Stocks fell on the news, which tells you everything you need to know about the market's relationship with the Federal Reserve right now.
The Nasdaq Composite (NASDAQINDEX: ^IXIC) dropped 1% as of 12:29 p.m. ET, one day after closing at a record. The S&P 500 (SNPINDEX: ^GSPC) and the Dow Jones Industrial Average (DJINDICES: ^DJI) each fell 0.6%. Eighteen of the Dow's 30 components traded lower at this timestamp.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.