The Thomson Reuters/University of Michigan reported its consumer confidence index climbed to 77.5 from 74.2 in January. And the Commerce Department revised 4th quarter GDP slightly lower to +2.8%, however, this is backward looking data and did not effect the markets.
In fact, the bond market is ignoring the economic data and instead focusing on stocks, oil, and Libya, bond prices closed higher on Thursday. The oil worries were eased somewhat as Saudi Arabia said it would make up any Libyan shortfall. After trading well above $100 per barrel Thursday morning, NYMEX crude closed the day lower at around $97 per barrel.
This morning, bonds are reversing the week’s trends trading a bit lower with stocks up nicely for the first time this week.
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