Equity markets here returned to their post election persuasion today as all three major U.S. exchanges showed moderate gains. Strong earnings from the banking sector buoyed stocks and cost U.S. Treasuries and MBS bonds to fall in an increasing fashion as the trading day progressed. The MBS bonds are in a precarious position as they have fallen down nearly to last ditch support offered at the 103.00 level. Should they fall through that level, interest rates are likely in for another bump upward. The Dow closed up 35 points today.
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