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Midday Commentary: Preferreds weaker, but less than common stocks, as investors wait on government
By Stephanie N. Rotondo
Phoenix, Oct. 8 - Preferred stocks were not seeing much of a sell-off on Tuesday, according to a trader.
"Even with the equity sell-off, we're really not seeing any movement in the secondary market," the trader said.
He noted that preferreds were "mostly red," though not nearly as much as the straight equity markets. He also said that liquidity remained subdued.
Still, he opined that if the common stock market began to drop further and faster, that could spill over into the preferred marketplace.
"Everybody is sitting and waiting" for the federal government to reach a budget and debt-ceiling deal.
As of midday, the Wells Fargo Hybrid and Preferred Securities index was down 4 basis points. By comparison, the Dow Jones Industrial Average was off 65 bps.
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