Stocks Keep Scaling Records Amid Bumper Bank Earnings, Data, Lower Treasury Yields
- Date: 16-Apr-2021
- Source: Forbes
- Sector:Financial Services
- Country:Middle East
Stocks Keep Scaling Records Amid Bumper Bank Earnings, Data, Lower Treasury Yields
Getty Images
Getty Images
Key Takeaways:
Morgan Stanley joins other big banks with an earnings beat
Yield on 10-year Treasury remains under 1.6%
Retail sales encourage with a stronger-than-forecast showing
After another record-setting day in the stock market yesterday, it looks like things may start off a bit more subdued today. But the bias nonetheless appears to continue to be to the upside a day after the Dow Jones Industrial Average ($DJI) crossed into 34,000 territory for the first time.
A lot has been going right for Wall Street this week, as solid bank earnings have added to optimism from bumper economic data and a surprise pullback in Treasury yields yesterday.
This morning, the 10-year yield has recovered some ground but remains below the key 1.6% level, which probably will keep helping mega-cap tech and other growth stocks, although it's not particularly helpful for the banks.
This morning, Morgan Stanley (MS
MS
) rounded out earnings reports for the big banks by beating expectations for sales and profit. Still, the stock was down around 1% in pre-market trading. Part of that pressure probably