Stocks opened the trading week in mixed fashion with the Dow hitting its 15th high since the election the NASDAQ continues to sputter and was lower today. The Dow gained 41 points to close at 19,798 on heavier volume with energy stocks leading the way thanks to WTI crude oil trading over $53 per barrel.
The yield on the 10-year Treasury note went above 2.5% for the first time since late 2014 as the yield curve continues to steepen ahead of an expected interest rate increase by the Fed this week.
Boeing hooked an 80 plane $16.6 billion deal with Iran (maybe they could change their name to …Ifly) in what is sure to be a politically sensitive deal given Trump’s apparent dislike for the Iran nuke deal. . Boeing says it has worked closely with the US gubment during the process of securing the order. Airbus is expected to get an additional order for 118 planes from Iran.
Shares in China were down sharply after Beijing imposed regulatory curbs on stock purchases by insurance companies and President-elect Trump’s questioning of the “one China” policy which was set up by Nixon in 1978. The Chinese yuan also fell as did Sino bond prices. Included in the concerns facing China is the possible fall in real-estate prices which have recently hit highs but show signs of weakness.