Stock Market Update

[BRIEFING.COM] Not much change in the major indices since the last update. Stocks continue to exhibit a positive bias, although buyer conviction has faded since the opening move. To be fair, sellers haven't shown much conviction either.

The results of the $13 billion 20-yr bond reopening were released at the top of the hour, and like last week's auctions, this auction was met with good demand. The high yield of 4.942% for the 20-yr bond reopening stopped on the screws of the when-issued yield.

By and large, this auction was in line with averages for the prior 12 auctions, so not a lot of "surprise" in the results, which in turn means not a lot of reaction in the stock or bond markets to this result.

The 2-yr note yield is unchanged at 3.96%, and the 10-yr note yield is up one basis point to 4.43%.