Dow advanced 825 at session highs, advancers over decliners 6-1 & NAZ jumped 360.  The MLP index went up 6+ to 212 & the REIT index rose 6+ to the 371s.  Junk bond funds were in demand in this rally & Treasuries saw modest buying, reducing yields.  Oil was up 2+ to the 86s & gold advanced 30 to 1732 (more on both below).

AMJ (Alerian MLP Index tracking fund)

Housing market likely to tip economy into recession in 2023: Fannie Mae

  The stock rose 89¢.
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Ford’s sales up 16% in third quarter, despite September decline

Biden approves $625 million in aid to Kyiv; Ukraine pushes further into territory ‘annexed’ by Moscow

Gold futures settled at their highest price in about 3 weeks.  Analysts attributed the advance in precious metals prices over the past week to a pullback in Treasury yields & the $.  Gold futures for Dec advanced $28 (1.7%) to settle at $1730 per ounce, the highest finish for a most-active contract since Sep 12.  Gold has kicked off the final qtr of 2022 on a positive note, thanks to a softer $ & subdued Treasury yields.  The metal's outlook will be influenced by the US jobs report on Fri.

Gold settles at highest price in 3 weeks as Treasury yields retreat

Oil futures rose, with US prices marking their highest settlement since mid-Sep.  Reports said the Organization of the Petroleum Exporting Countries & their allies will consider a production cut of 2M barrels per day at their meeting tomorrow, higher than previous expectations for a 1M-barrel reduction.  Nov WTI crude rose $2.89 (3.5%) to settle at $86.52 barrel.  That was the highest front-month finish since Sep 14.  

U.S. Oil Futures Settle at a Nearly 3-Week High on Bets for a Significant OPEC+ Output Cut

Stocks began the day with sharp gains & held that advance for the entire session.  This was the best 2 days since the start of the pandemic.  Hopes are running high that the worst of the rate hikes are over.  But early inflation data is coming next week & that is not expected to be impressive.

Dow Jones Industrials