Friends

Rising bond yields had stocks reeling in early trading but when yields backed off and oil prices moved lower, stocks traded higher. At the moment, it appears that market participants are simply taking their cues from the 10-Year Treasury Note. The yield on the 10-Year traded to nearly 5.25% this morning before backing off to 5.15% late in the day.

As for stocks, by the close the Dow Jones Industrial Average was up 478 points to finish the day at 51,828. The S&P 500 was up 39 points to close at 7,743. The Nasdaq Composite Index was up 129 points to close at 27,068. Gold was up $31 to trade at $4,329 per ounce, while oil was down $2.25 to $92.40 per barrel WTI.

I’m still amazed how well stocks have absorbed the damage in the bond market. Let’s see how things trade into quarter end next week. Stay tuned.

Have a great weekend everyone.

Jim