Stock Market Update

[BRIEFING.COM] The S&P 500 ended Friday at 5,967.84. On Monday it climbed above 6,000, and today it has kissed the 6,100 level with buyers calling the shots.

There has been minimal interruption from sellers, other than in individual stocks. Today's bid has a grounding in the continued outperformance of the mega-cap stocks, a surge in the semiconductor stocks, and a pro-cyclical orientation that is manifesting itself in the outperformance of the small-cap stocks.

Falling Treasury yields have provided added support. Today, the 10-yr note yield settled down two basis points at 4.30%, but that leaves it down 10 basis points for the month and 28 basis points for the year, notwithstanding all of the talk of deficit angst and potential tariff inflation pressures.