Friends
It was another trading session where the bulls were able to erase early losses and move stocks slightly higher by the close. The bigger story was with bonds as we saw the yield curve slightly invert with 5-year Treasury yields slightly higher than 10-year yields. As a matter of fact, the 2-year Treasury yield of 2.33% is just a dozen basis points lower than the 10-year yield which is 2.45%.
For the day, the Dow Jones Industrial Average was up 94 points to finish the day at 34,955. The S&P 500 was up 32 points to close at 4,575. The Nasdaq Composite Index was up 185 points to close at 14,354. Gold was down $36 to trade at $1,918 per ounce, while oil was down $10.68 to trade at $ 103.22 per barrel WTI.
The Fed and the direction and consequences of interest rates appears to be front and center in the mind of traders at the moment. In the meantime, the first quarter ends on Thursday and stocks, despite all odds, continue to try to erase most of the losses from earlier in the year. It should be an interesting next few days of trading. Stay tuned.
Have a nice evening everyone.
