Stock Market Update

[BRIEFING.COM] Stocks have settled into a relatively stable trading range, with the S&P 500 (+0.6%) and Nasdaq Composite (+1.1%) sporting solid gains while teh DJIA remains flat. 

U.S. Treasuries have dipped from their starting levels, but they found some intraday support shortly after longer tenors turned negative in late morning trade. Shorter tenors are a step behind, though they also bounced off their late-morning lows, remaining above those levels at this time. The market is holding steady in reaction to the just completed $70 billion 5-year note sale, which met soft demand, as the high yield (4.845%) tailed the when-issued yield by 0.4 basis points while the bid-to-cover ratio (2.33x vs 2.37x average) and indirect takedown (60.0% vs 63.4%) were a bit below average. The U.S. Treasury will complete this week's note auction slate with a $44 billion 7-year note sale on Thursday since tomorrow afternoon will feature the release of the October FOMC Statement.