Stocks Are Flying Higher While Gold, Bonds, And The Yen Take A Hit

A few minutes ago, credit rating agency Standard & Poor's revised the outlook on its U.S. sovereign credit rating up to stable from negative.

The news has caused a spike in S&P 500 futures and the U.S. dollar versus the yen.

Futures are now trading around 1648, up 0.6%, versus levels around 1641 prior to the release. The dollar-yen exchange rate has just broken through ¥99.00 to the upside, and is now up 1.5%.

Meanwhile, after turning positive earlier, gold is negative again after the S&P release. Right now, the shiny yellow metal is trading around $1379 an ounce, down 0.3%, versus levels around $1386 prior to the release.

10-year Treasury futures are down 0.2%, trading at their lows of the day. The yield on the 10-year Treasury is 3 bass points wider to 2.20%.

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