Dow Fails To Hold 2014 Gains As Treasury Yields Hit 7-Month Highs

Tyler Durden's picture

Biotechs ended positive but for the 10th day in a row saw the early pump, dumped (as did a number of the momo names). But the big news is the Dow getting back into green for 2014...and then failing to hold it! Trannies and the S&P both hit new record highs. Treasury yields continue to press higher with 5Y now at 7-month highs (testing 1.80%) as 30Y yields are up 11bps on the week. The USD rallied modestly all day (ahead of tomorrow's hope-strewn ECB meeting) but ended unchanged on the week but commodities were mixed with general flatness interrupted by significant spikes in gold and silver around 8amET. Copper faded during the US day session. VIX was slammed under 13 into the close but faded back higher into the close.

It seems odd that Yellen's speech as seen as so amazingly dovosh and yet Bond yields have done nothing but soar since then..?

But it seems it was enough to get "growth" stocks back up to "Value" stocks year-to-date...

 

For a moment there the crescendo of self-congratulations on CNBC when the Dow managed to get green for 2014 was deafeneing as they cpuld not understand how it was possible it took over 3 months... BUT - it failed to hold...

 

And the last few days impressive smash higher have almost got builders and discretionary into the green..

 

AUDJPY was in charge this afternoon...

 

Nasdaq lagged on the day but the whole jump appears to have been engneered by a massive BTFD program off the 100DMA...just too easy eh?

 

As Biotechs pumped and dumped once again...

 

5Y yields at 7 month highs...

 

but 30Y has been the underperformer this week..

 

Gold an silver had a decent spike early on held most of the gains. Copper fell all day after that and oil ended flat on the day....

 

Charts: Bloomberg