Stocks rose even as interest rates continue to rise on FOMC expectations. The S&P 500 rose 0.4% to 2,159 and the Dow Jones added 0.6% to 18,281. The KBW Bank index rose nearly 2% while utilities underperformed. Economic data today presented a somewhat mixed picture. The ADP Employment report missed expectations which could flow through to Friday’s NFP report. However factory orders and the ISM non-manufacturing readings both beat expectations by a healthy margin. On this backdrop rates rose. The two year yield rose 2bp to 0.85% and the ten year yield rose 2bp to 1.71%. USD also put in mixed performances. USD was flat against EUR to $1.1208. USD rose 0.6% against JPY to Y103.53. USD rose 0.1% against GBP to $1.2744. In commodity markets oil prices rallied which also supported stocks. WTI rose 2.2% to $49.76 and Brent rose 1.8% to $51.79. In Europe the German bund yield continued to rise, selling off nearly 5bp to finish close to 0.0%.