Treasuries End Higher
Treasuries dipped briefly after Treasury Undersecretary Peter Fisher announced his resignation, effective October 10, but recovered to end slightly higher. Fisher's departure has long been speculated. President Bush nominated Kenneth Leet of Goldman Sachs as Fisher's replacement.
Wholesale trade data had little impact as a mixed stock picture relieved some pressure exerted over the past two sessions. After weathering an early bout of profit taking, stocks made a run toward positive territory. Despite some upbeat comments from Cisco's CEO, the momentum failed to carry stocks into the green and bears were quick to push the indices back toward session lows.
The $11 billion 10-year TIPS sale went off without much of a hitch.