Stocks And Gold Are Going Up, But Bonds Are Going Down

The stock market is moving higher as bonds move lower this morning.

That's a less and less common occurrence lately, as Citi FX guru Steven Englander illustrated in two great charts yesterday.

The S&P 500 index is trading at 1750, up 0.2%. 10-year U.S. Treasury futures are 0.2% lower, and the yield on the 10-year Treasury note is one basis point higher at 2.51%.

Gold is having a strong day, trading up 1.0% at $1347 an ounce.

Economic data this morning were mixed:

• Initial jobless claims fell, but not as much as economists predicted. The data were still mired by technical issues, however.
• American manufacturing output contracted in October for the first time since "the height of the global financial crisis" in September 2009, Markit said in its flash U.S. PMI survey.
• The trade deficit widened slightly.
• The Kansas City Fed's gauge of regional manufacturing activity unexpectedly bounced back to an index reading of 6 from September's 2 reading, but failed to retake August's 8 reading.