Stock Market Update

[BRIEFING.COM] The major indices remain near session highs with about one hour left of trading.

Today's $70 billion 5-yr note sale met strong demand. The auction drew a high yield of 4.478%, which stopped through the when-issued yield by 0.2 basis points while the bid-to-cover ratio (2.40x vs 2.39x average) was just above average and indirect takedown (67.3% vs 67.8% average) was a touch shy of the prior 12-auction average.

The Treasury market is little changed from before the auction. The 10-yr yield is up two basis points from yesterday at 4.62% and the 2-yr yield is unchanged from yesterday at 4.35%.