Stocks were little changed on Monday as President Obama travelled to Elkhart, Ind. to drum up support for the stimulus package, now valued somewhere north of $800 billion.
It is the right size, it is the right scope. Broadly speaking it has the right priorities to create jobs that will jump-start our economy and transform it for the 21st century, Obama said of the bill. I can say with complete confidence that endless delay or paralysis in Washington in the face of this crisis will only bring deepening disaster.
In recent trade the DOW and NASDAQ were little changed, gaining 0.07% and 0.05% respectively. The S&P 500 was up 0.24%. The dollar was trading lower across the board, including a sizeable 1.35% fall to Australia's currency. Treasuries fell, pushing yields on the benchmark 10-year note past 3% for the first time since Nov. 28, as the U.S. prepared to sell a record $67 billion of notes and bonds this week.
Rising Treasury yields, likely to be seen as the government issues massive amounts of new debt, could force the Federal Reserve to begin implementing its program to purchase government securities in an effort to drive down rates.
Crude oil was recently gaining about 1% on the day while gold was taking a tumble, down 2.42% on the day.