Sydney - Thursday - October 27: (RWE Aust Business News) - US financial markets have been mixed and subdued after no important data emerged overnight. The sharemarket moved erratically, at one stage trading in positive territory before sellers took control and left the indices will modest losses on the close. Wall Street's Dow finished 33 points behind, the S&P 500 down 5, the Nasdaq composite losing 9 and the 100 index ending 11 lower. Much of the action centred on Treasuries where the 10 year note yield rose 5 points to 4.60 per cent, the highest level since March.
Leading bond trader Canter Fitzgerald suggests Treasuries extended the selloff that began when Ben Bernanke was named to succeed Alan Greenspan as Fed chairman two days ago.
A similar situation followed the changeover of Paul Volcker to Alan Greenspan at that time. Weighted stock movements seemed to balance out for a time as Conoco Phillips was the first to report among the the big producers.
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