- U.S. stocks followed global markets higher after China’s central bank cut interest rates and the ECB’s president reiterated that the institution was ready to expand its stimulus program.
- While the S&P and Dow again closed at record highs, stocks trimmed their gains as investors considered what these central bank actions really mean about the health of the global economy.
- Stocks in the materials, industrial and energy sectors were strong, with global miner Rio Tinto +4.9% and heavy machinery maker Caterpillar +4.3%.
- Participation was ahead of recent averages, with ~1B shares changing hands at the NYSE floor.
- Treasurys spent the day in a steady advance; the 10-year note ended at its best level of the day, with the yield down 3 bps at 2.31%.