Stock Market Update

[BRIEFING.COM] The major indices continue to climb. The Dow Jones Industrial Average briefly joined the S&P 500 and Nasdaq Composite in positive territory in recent action.

Upside moves coincided with Treasury yields turning lower. The price action in Treasuries is related to this morning's release of the June jobs report, which went the market's way in terms of supporting an optimistic rate cut view.

The 10-yr note yield slid below 4.30%, down eight basis points to 4.28%. The 2-yr note yield, which is most sensitive to changes in the fed funds rate, is down ten basis points to 4.62%.

A short time ago, NY Fed President Williams (FOMC voter) acknowledged that "we have seen significant progress" in bringing inflation down to the 2% target, but added that there is still a way to go to reach the target on a sustained basis.