Signs of Improvement According to Fed’s Beige Book

The market held steady today after the Federal reserve issued its latest perspective on the US economy. Although there is continued weakness in the labor markets there are positive signals in most districts.

Five of twelve districts reported signs of improvement, according to the central bank’s Beige Book, while encouraging signals were seen in manufacturing. Consumer sales remaineded weak, which was due to softness still lingering in labor markets.

The Dow Jones industrial average had advanced 34 points and the Nasdaq lead the session, advancing 19 points. Commodity prices were rising as OPEC members were gathering for their latest meeting. A weaker dollar helped fuel the advance, as the Euro rose to $1.451, from $1.4499 late Tuesday.

There was a slide in treasury prices after a $20 billion dollar auction of 10-year notes drew decent demand, and its yield inched up to 3.50%.

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