Wall Street mixed: NASDAQ record closing high, dow drops again

Wall Street was a mixed close with the NASDAQ out performing and closing at an all time high on a closing basis while the Dow was falling further away from the psychological 20,000 mark.

The Dow Jones Industrial Average lost 76.42 points, or almost half a percent finishing the day at 19,887.38. The Nasdaq Composite Index gained 10.76 points, or 0.2%, to end at 5,531.82 while S&P 500 index dropped 8.08 points, or 0.4%, to finish at 2,268.90.

Elsewhere, the US dollar and US interest rates slipped overnight with the US 10yr treasury yields falling from 2.43% to 2.37% and the 2yr yields dropping from 1.23% to 1.19%. DXY was 0.,2% lower and USD/JPY fell from 117.50 to 116.00.

We also had some hawkishness from Fed speakers again with Lockhart, albeit not quite as bullish, was expecting just 2% GDP growth for the next few years while Rosengren was more hawkish looking for three hikes in 2017. The Fed funds futures still is pricing in a 100% chance of a hike by June and another by November.

Fed's Lockhart: Cyclical rebound from crisis "largely done"

Fed's Rosengren: Fed should consider trimming balance sheet

Dollar Index condescending behavior at 102.00, secular uptrend towards 120.00 - BBH