Stocks traded lower for the second straight day as oil dropped to a two month low on forecasts that US stockpiles would increase while the Federal Reserve began a two-day meeting amid continued fear around the health of the global economy. Treasuries moved higher for the second day in a row to open the week with the yield on the US 10-year note tightening 3bps to 2.03%. Earnings remained in focus today with several large US companies reporting throughout the day while a Walgreens rumored buyout of Rite Aid spurred some trading in the two names. High yield was mixed again today with energy and healthcare weighing on the asset class while the market remained well bid generically on strong inflows over the past several weeks. The yield to worst and spread on the Bank of America High-Yield Index widened for the second consecutive day closing at 7.48% and +607bps, 4bps and 7bps wider respectively on the day. Two new high-yield issuers raised $1.35 billion in the primary market today as Toll Brothers and Limited Brands priced new deals. Both deals traded up about a point on the break as demand for new paper remains robust.