Energy stocks rose along with the price of crude oil. Salesforce.com led gains for technology companies after reporting a strong quarter and raising its outlook for the year.
Stocks weakened after a report showed that manufacturing growth in the U.S. accelerated last month, contrary to economists' expectations for a slight slowdown. The Institute for Supply Management's manufacturing index came in at a reading of 56.1, above forecasts. The yield on the two-year Treasury, which tends to follow expectations for Fed moves, jumped to 2.67% in the 30 minutes following the report's release, up sharply from 2.56%.
The risk that is too-aggressive a campaign could force the economy into a recession. Even if it doesn't, higher rates put downward pressure on prices for stocks and other investments.
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Tightening domestic money supply to try and depress global markets in this climate will be the costliest mistake ever made. Enormous price to pay to de-monetize the debt. Deflation of housing and markets. No effect on consumer prices.
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