Stock Market Update

[BRIEFING.COM] There has been a nice turn in the stock market from earlier, which has coincided with an even nicer turn in the Treasury market from earlier.

The 10-yr note yield kissed 4.63% at today's high, while the 30-yr bond yield climbed to 5.15%. Both have backed down noticeably, with some short-covering activity presumably helping in the effort.

The 10-yr note yield is currently at 4.55%, down five basis points from yesterday's settlement, and the 30-yr bond yield is at 5.06%, down three basis points from yesterday's settlement.

Stocks have drawn support from those moves and from the leadership of the mega-cap stocks. Market breadth, which was negative earlier, has flipped in favor of advancing stocks, which outnumber decliners by a  narrow margin at the NYSE and by a 4-to-3 margin at the Nasdaq.