Strong day for stocks
The S&P 500 is up 60 points to 3858 in a big day for risk appetite. The Nasdaq is up 2.2% in a notable shift away from value and back to growth.
This leg in the move in stocks hasn’t left much of an imprint on FX and Treasury yields are lower on the day despite the big tail in the 20-year auction.
There’s much more going on under the surface here than meets the eye but this is not the kind of break to fade.