Winning streak ends | What recession? | Tesla all-time high

The much-feared inverted yield curve is long gone.

VIEW IN BROWSER | SUBSCRIBE WED, DEC 18, 2019 EVENING BRIEF AS OF WED, DEC 18, 2019 • 04:04 ET DJIA 28240.40 -0.09% -26.76 S&P 500 3191.17 -0.04% -1.35 NASDAQ 8827.74 +0.05% +4.38   Most Active DOW NAME LAST CHG %CHG AAPL 279.74 -0.67 -0.24% INTC 57.17 -0.13 -0.23% PFE 38.89 -0.01 -0.03% S&P 500 NAME LAST CHG %CHG GE 10.96 -0.14 -1.26% BAC 35.11 +0.07 +0.20% F 9.54 +0.15 +1.60% NASDAQ NAME LAST CHG %CHG AMD 42.30 -0.47 -1.10% MU 53.04 +0.04 +0.08% AAPL 279.74 -0.67 -0.24% EDITOR'S NOTE The days were dark and filled with ominous warnings about the economy and the stock market. It was only a few months ago when the dreaded recessionary sign known as the inverted yield curve emerged. This happens when yields on short-term Treasurys are unnaturally lower than longer-term notes. CNBC's Yun Li writes that the spread between two-year and 10-year Treasurys is now at the highest level since November 2018. This steepening of the yield curve may prove to be as good a sign as the inverting of the yield curve was considered bad.   "The Fed is on hold, the economy is doing well, and trade tensions aren't increasing," Ian Lyngen, BMO's head of U.S. rates, said Wednesday. "In such a world, a steeper curve follows intuitively."   Many economists and market observers see no recession in sight. It's been an amazing decade.   Much of the nearly 11-year bull run in stocks has come in large part because of the Fed's ultra-low interest rate policies. CNBC's Matthew Belvedere writes about one investor who saw this coming, David Tepper, founder of Appaloosa Management.   "Stocks are going to do well," Tepper said in 2010. "Bonds won't do so well, gold won't do as well."   Boy, was he right.     Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.   Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  S&P 500 falls slightly, ending five day winning streak The thing that freaked everyone out about a recession is now moving in the opposite direction Pelosi opens final House debate on Trump impeachment: 'He gave us no choice' Trump's economic approval hits highest level in a year as Americans remain split on impeachment Tesla reaches all-time high FedEx says it will 'start lapping' Amazon in 2021 A $10 trillion debt burden coming due one day could hit the stock market and Amazon, UBS proposes Uncertainty remains on Wall Street about China-US phase one agreement: 'More trade truce than deal' NY Fed's Williams says it would take a 'material' change in economy for Fed to adjust stance Fannie Mae boosts 2020 housing forecast 'significantly'     TOP VIDEO Watch CNBC's full interview with New York Fed president John Williams   CNBC PRO Citi cuts Twitter estimates and price target, citing concerns over 'near-term revenue outlook'   SPECIAL REPORTS Stocks should rally another 10% before hitting turbulence, Federated's Phil Orlando predicts One chart signal suggests Microsoft's mega rally could be coming to an end   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS