Stock Market Update

[BRIEFING.COM] Not that stocks needed much more help today, but they got an added dose of good news at the top of the hour when the $25 billion 30-yr bond auction was met with strong demand.

The high yield stopped through the when-issued yield by 2.2 basis points while the bid-to-cover ratio (2.64x) was well above the prior 12-auction average (2.39x). Indirect takedown (62.7% vs 67.0%) was a touch below average, which was also the case at yesterday's 10-yr note offering.

Treasury yields have come in a bit after the auction while the Nasdaq Composite, S&P 500, and Russell 2000 all pushed to new session highs.

The 2-yr note yield, at 4.29% earlier, is up five basis points at 4.26% and the 10-yr note yield, at 4.48% earlier, is up 11 basis points at 4.40%.