Quiet Accumulation Day
After yesterday's strong rally, the market was able to add to its gains today. Volume levels rose a bit, making for a quiet accumulation day (on the NYSE).
Breadth was mixed, but the number of new highs on the NYSE rose again, reaching +547. I can't remember the last time I saw a figure that high. (Although I'm sure Real Money's Helene Meisler will remind me)
Housing stocks led the way, big time (+2.0%); followed by semis (+0.8%) and retail (+0.7%). All of the major economic sectors were positive on the day.
Oil closed flat, around $62.50, and the 10-year yield finished at 4.44%. In case you missed it, PIMCO's Bill Gross said on CNBC that he thinks the 10-year yield could move to the low 3's over the intermediate-term.