U.S. stocks opened mildly higher, extending gains into a sixth day on follow-on strength from yesterday’s surprise Fed stress test results which allowed a dividend-increase melee among banks. The actions reiterate the Fed’s view that strains in global financial markets have eased and the labor market is gaining traction. The EU formally approved Greece’s second bailout package and will release €34.5B into an escrow account as its first installment. Chinese markets stumbled 2.6% overnight after Premier Wen Jiabao commented negatively about home prices. However, S&P still increased its China GDP growth estimate to 8.3%, topping China’s own 7.5% growth estimate. In new U.S. economic data, home mortgage activity slowed, while February import prices rose more mildly than expected. Treasury selling that favors riskier investments, drove the benchmark 10-year note down nearly a full point, pushing its yield to 2.224%, its highest since the 2.34% yield on October 28, 2011. Gold is down $27.10 to $1,647.00/oz., while Nymex crude oil fell $0.82 to $105.89/bbl.
Today’s Market Action
