Stock Market Update

[BRIEFING.COM] The market continues to move sideways into the close.

Treasuries settled with gains after a huge batch of economic news. The 10-yr yield dropped six basis points to 4.24% and the 2-yr yield dropped four basis points to 4.21%. Today's data included an unrevised second reading of Q3 GDP (2.8%), a dip in weekly jobless claims (to 213,000 from 215,000), and below-consensus growth in Durable Orders for October (0.2%; Briefing.com consensus 0.4%).

This was followed by a strong Pending Home Sales report (2.0%; Briefing.com consensus -1.5%) for October and stronger-than-expected Personal Income (0.6%; Briefing.com consensus 0.3%) and Personal Spending (0.4%; Briefing.com consensus 0.2%), coupled with an upward revision to September's Personal Spending (to 0.6% from 0.5%). The Core PCE Price Index was up an in-line 0.3%, which lifted the yr/yr growth rate to 2.8% from 2.7%.

The Treasury market was also responding to a strong $44 billion 7-yr note auction.