Stock Market Update

[BRIEFING.COM] The major indices moved slightly higher in recent trading due to initial buying interest stirring some fears of missing out on further upside.

The final October University of Michigan index of Consumer Sentiment increased to 70.5 (Briefing.com consensus 70.1) from the preliminary reading of 68.9. The final reading for September was 70.1. In the same period a year ago, the index stood at 63.8.

The key takeaway from the report is that consumer sentiment increased for the third consecutive month in spite of the election uncertainty.

Treasuries didn't react much, which bodes well for equities. The 10-yr yield is at 4.20% and the 2-yr yield is at 4.05%.