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Markets Catch Collective Breath
The S&P 500 and NASDAQ closed at their highest levels in around a month yesterday, recouping Tuesday's presidential tweet-driven drop. We thought the market overreacted to the end of the fiscal talks as many had already recognized that a stimulus agreement was unlikely before the election, but the near round-trip seen in stocks and bonds was surprising. The dollar surrendered the lion's share of the gains it had registered, and the US 10 and 30-year yields approached four-month highs. Led by more than 1% gains in Taiwan, Australia, New Zealand, and India, the MSCI Asia Pacific Index rose for the fourth ... (full story)