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Market Wrap-up
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Market Wrap for Friday May 17, 2013
DJIA 15354.4 | +121.18
NASDAQ 3498.97 | +33.72
S&P 500 1666.12 | +15.65
10-Year Note 98 30/32 | -24/32
30-Year Note 95 30/32 | -1 18/32
Euro 1.28265 | -0.0051
NYMEX Crude 96.02 | +0.85
Stocks
U.S. stocks rallied during the final hour of trading as a bigger-than-expected rise in consumer sentiment bolstered the view of an economy that is faring better than some had feared. "All systems are go," said Peter Kenny, managing director at trading firm Knight Capital Markets. "The fundamental metrics that are driving the market are sound. It's difficult to be cynical of a market that continues to move higher with [economic] fundamentals that support the move."
Treasurys
U.S. Treasurys reasury bonds got a further jolt Friday as consumer sentiment toward the U.S. economy brightened, sending investors fleeing from safe havens. The consumer-sentiment index from Reuters/University of Michigan rose to 83.7 in mid-May, beating 78 forecast by economists. Better sentiment could encourage consumer spending and boost economic growth.
Forex
The dollar The dollar extended its broad rally, U.S. stocks rose and Treasurys fell after a report showed consumer sentiment rose in mid May more than expected. The strong data bolstered expectations that the Federal Reserve will be able to start winding down its bond buying program this year, backing away from an exceptionally easy monetary policy stance that has weighed on the dollar.
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