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US stocks completely reverse direction- S+P 500 posts record daily close

Yesterday afternoon the US stock markets completely reversed direction and all moved higher. In the case of the S+P 500, perhaps the fact that it was holding up really well earlier in the session, that helped to force the Nasdaq 100 to rebound. Either way it was a rebound that lasted all the way into the close and delivered a rise to a high at 5,179 in the S+P. So, it did not quite set a new record, but what it did do, was to set a new all time record daily close, at 5,175,27. That record close also coincided with a rise in US yields, which was rather odd. Clearly the fact that US CPI inflation is not dropping back, as seen in the data yesterday, was not a hindrance to stock buyers and those buyers were not at all put off by that data it seems. However, overnight the Asian markets are mixed, with modest losses in Japan offset by modest gains in Hong Kong and China. The news flow such as it is has been pretty light and the S+P 500 futures are not much removed from the closing levels last night 
 

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