Dow gained 177, advancers over decliners 2-1 & NAZ was off 46.  The MLP index went up 1+ to the 225s & the REIT index crawled up 1+ to the 287s.  Junk bond funds slid lower & Treasuries saw a little selling (more below).  Oil was off pennies in the 77s & gold added 3 to 1749.

AMJ (Alerian MLP index tracking fund)

Black Friday taking a back seat to Small Business Saturday this year

Holiday shopping expected to reach over $1 trillion as inflation surges

Treasury yields were slightly higher as investors digested the Federal Reserve's Nov Meeting Minutes, which suggested that interest rate hikes would be slowed in the coming months.  The yield on the benchmark 10-year Treasury note was about 2 basis points higher at 3.726% & the 2-year Treasury yield was last trading at 4.512%, up about 2 basis points.  Yields & prices move in opposite directions & one basis point equals 0.01%.  As markets re-opened for a ½-day of trading, they continued to absorb the Fed’s Nov meeting minutes published earlier in the week.  The minutes suggested that the central bank would soon slow the pace of interest rate hikes.  “A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” they said, echoing the tone struck by Fed speakers in recent weeks.  Central bank officials have been indicating that whilst rates will continue to rise, they will likely do so in smaller increments.  This has been welcomed by many investors as concerns about the speed of rate hikes leading the economy into a recession have spread. 

Treasury yields tick higher as markets assess Fed rate policy outlook

Dow Jones Industrials