No Data, Mo War, No Worries: S&P Hits New Record High

Tyler Durden's picture

On a day with no macro data and more warmongering, it only makes sense that stocks should continue to levitate. Aside from The Dow (troubled by weakness in Boeing dragging 20 points off the index), US equity markets rose with the S&P 500 breaking to new all-time record highs just shy of 1990 (2000 tomorrow?) Treasuries were very quiet, trading in a 2bps range and ending basically unch. Gold and silver limped lower (but were also quiet) as the USD pushed modestly higher (with AUD strength on the inflation print overnight the big story). Oil prices recovered yesterday's losses closing back above $103. Biotechs were a notable mover (on M&A hopes) as they retraced all Yellen's warning losses. This is the 3rd day in a row that "most shorted" stocks were snap-squeezed higher at the open.

 

The S&P 500 reaches new record highs

 

Today was all about the opening ramp... and the Dow just could not make it back into the green

 

Since the MH17 headlines hit, stocks haven't looked back...apart from the Dow...

 

This is the 3rd day in a row of an instant snap squeeze at the open...

 

Bonds don't seem to buy what ever stocks are drinking?

 

Something odd going on in credit markets... 2nd day in a row where HY spreads have blown wider as soon as Europe closes (and POMO ends)...

 

Commodities were flat to slightly lower (as the USD rose very modestly) but oil prices recovered yesterday's losses...

 

Treasury yields traded in a very narrow range - testing 2014's closing low yields...

 

AUD's strength following a hot inflation print was th emain news as the USD rose modestly all day...

 

Charts: Bloomberg

Bonus Chart: "Fight The Fed" in Biotechs...though it seems like the ETF got stuck at Yellen's levels...