Friends
Another day and another bank in the news. Today it was Deutsche Bank the giant German Bank. But interestingly the market that is seeing the most volatility these days is the bond market not the stock market. Bonds continue to move all over the place with the 2-year note again plunging in yield to 3.77%. Remember just two weeks ago the yield on the 2-year note was over 5%. Stocks struggled early but recovered as the trading session wore on.
By the close, the Dow Jones Industrial Average was up 132 points to close at 32,237. The S&P 500 was up 22 points to close at 3,970. The Nasdaq Composite Index was up 36 points to close at 11,823. Gold was down $14 to trade at $1,981 per ounce, while oil was down $.73 to trade at $ 69.23 per barrel WTI.
Again, after incidents like bank failures, we were bound to see heightened volatility and we have. But, given the circumstances, the moves in stocks have been much more measured than the moves that we have seen in bonds. Let’s catch our breath and enjoy the weekend. We’ll be back at it on Monday.
Have a great weekend everyone.
