November 6, 2017
Stocks traded in a narrow range with the Dow up 9.23 points, the S&P up 0.1 percent and the Nasdaq 0.3 percent higher. All three indexes finished at record highs. Oil surged to a fresh two year high with West Texas Intermediate climbing above $57 for the first time in more than two years. Both the 2 year and 10 year notes slipped 1 basis point to 1.61 percent and 2.32 percent respectively.
In central bank news on Monday, William C. Dudley, the president of the Federal Reserve Bank of New York announced that he will retire from his position in mid-2018. Mr. Dudley will step down before the end of his 10-year term expires in January 2019 to pave the way for a successor, the bank said. The NY Fed has launched a search for his successor. Upon selecting a successor, only the Fed Board needs to approve the selection.