The news this morning that U.S. forces killed Osama Bin Laden is the overriding factor affecting markets today. Stocks are much higher, bonds are flat, and interestingly, silver seems to be the only commodity taking it on the chin. Oil prices remain elevated at over $112/bbl and gasoline prices seem entrenched north of $4.00/gal.
This morning's ISM report reflected a slowing in the U.S. manufacturing sector and don't forget, the first Friday of every month is the all important jobs report.
With the overwhelming focus this morning being the news of Bin Laden's death, we will have to wait until later in the week to see the effects of economic data.
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