Friends

The reaction to the big, beautiful bill getting through the House of Representatives ended up being mostly muted after some early in the day consternation. At the open the yield on the 10-year Treasury note rose above 4.60% sending stocks lower. But as the trading session wore on bond yields moved back down and stocks moved into the green, only to falter slightly at the close. Again, stocks took their cue from the bond market for most of the session.

By the close the Dow Jones Industrial Average was down 1 point to finish the day at 41,859. The S&P 500 was down 2 points to close at 5,842. The Nasdaq Composite Index was up 53 points to close at 18,925. Gold was down $20 to trade at $3,293 per ounce, while oil was down $.31 to trade at $61.26 per barrel WTI.

As mentioned, it’s been a quiet week with regards to economic data, so fiscal policy has dominated the headlines. Let’s see how the week finishes out tomorrow.

Have a nice evening everyone.