Freezing temperatures and the recent bounce of frozen OJ futures naturally brings to mind the classic comedy, “Trading Places,” but today it’s stocks and Treasuries that are swapping spots today. Equities, which have begun 2010 on up note, are off this morning. Treasuries, which have been getting pasted for about the past month, especially on the long end of the yield curve, are trading higher.
Stocks are up from their fairly sharp opening losses following Alcoa‘s (AA) earnings miss late yesterday, however. The Dow Jones Industrials, which fell about 70 points in the early going, are off about 20 at 10,644. And with a bit of a thaw in the deep freeze engulfing much of the nation, oil prices continued to give back some their recent gains, with nearby crude futures back under $80 a barrel.
Treasuries, meanwhile, were up in price, evidently having been beaten up sufficiently to attract investor interest at the trifecta of big note and bond auctions kicking off today with the sale of $40 billion three-year notes. The benchmark 10-year note was up 22/32 and yielded 3.73%, down sharply from last week’s peak of 3.84%, which was the highest since last August.
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