Equity Market Rally Fizzles as Traders Await Auction Results
Equity futures surged to the upside after the U.S. opening in follow-through buying after a strong finish in Asia and Europe overnight. Asian traders were celebrating a recovery in the Shanghai Composite Index. European traders were buying aggressively due to better than expected earnings. After an initial thrust to the upside in the U.S. markets following the opening, buying dried up as traders became concerned about today’s Treasury auction. In addition, buyers became scare in the September