Weekly Commentary

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Monday, February 29, 2016

U.S. stocks notched a second week of gains as investors shrugged off mixed economic data. European bourses were up as well, while Asian markets showed mixed results. Oil rallied mid-week on news of a proposal to freeze production at January levels, finishing with a modest gain by Friday. Gold and government bonds fell slightly. The yield on the ten-year U.S. Treasury note was virtually unchanged from the prior week.

Monday, February 22, 2016

Global stock markets brushed aside disappointing earnings, holiday interruptions and oversold conditions to advance for the week. The rally drew strength from encouraging talk of a freeze on oil production and dovish notes from the January FOMC meeting. Oil prices rose, whereas gold fell and government bonds were mixed. The yield on the ten-year U.S. Treasury note rose slightly from the prior week.

Tuesday, February 16, 2016

Stocks finished the week in the red, as investors questioned the ability of central banks to reinvigorate the world economy. Japan dragged down Asian markets with its worst decline since 2008. Europe and the United States rallied on Friday but could not overcome weak bank earnings and plunging oil prices. Bids climbed for gold and government bonds; the ten-year U.S. Treasury yield fell from 1.83% to 1.73%.

Monday, February 8, 2016

Stocks lost ground for the week, pressured by falling oil prices, weak earnings and a disappointing jobs report. Investors seeking to shed risk embraced fixed income assets, bidding up U.S. Treasury securities. The yield on the ten-year note fell from 1.92% last week to 1.83% at Friday’s close. Gold posted strong gains as well.

Monday, February 1, 2016

Global stock markets ended a turbulent month with a strong rally, boosted by a surprise interest rate cut from the Bank of Japan – its first ever negative rate. The yen plummeted and Japanese bonds soared on the news. Traders brushed aside earnings letdowns, soft economic data and market volatility to bid up bonds, gold, oil and stocks. Even Chinese stocks gained, if only for the day. The ten-year U.S. Treasury note yield fell from 2.05% last week to 1.92% at Friday’s close.

Monday, January 25, 2016

U.S. stocks seesawed through a holiday shortened week with mixed results: the S&P 500 and Nasdaq gained but the Dow declined. Europe and Asia continued to struggle. U.S. investor sentiment was lifted by expectations of further policy support in Europe, and by a rally in oil. Gold prices also gained. The yield on the ten-year U.S Treasury note ended virtually unchanged from last week at 2.05%.

Tuesday, January 19, 2016

Stocks continued to struggle in 2016, declining across the globe for a second straight week. The major drags on investor sentiment were plunging oil prices and weakness in China shares; even gold was not immune to selling pressure. The yield on the ten-year U.S. Treasury note fell from 2.12% to 2.04%.

Monday, January 11, 2016

The first week of January saw one of the worst starts ever to a new year as stocks tumbled around the world. The wall of worry loomed large as selloffs in China triggered global stock declines. A strong December U.S. jobs report offered temporary relief but could not outweigh concerns about the upcoming 4Q15 earnings season.

Monday, January 4, 2016

The final week of 2015 saw U.S. stocks decline after four days of quiet trading. European markets finished mostly down, Asian markets finished mostly up. Oil and gold, which had both gained the previous week, again resumed their declines. The yield on the ten-year U.S. Treasury note rose slightly, from 2.24% to 2.27%.

Monday, December 28, 2015

U.S. stocks marked an upbeat, holiday-shortened week with diverse but positive gains. European markets were mixed; Asian markets except Japan posted gains. Oil broke its losing streak to post the strongest performance for the week; gold also gained. The yield on the ten-year U.S. Treasury note rose slightly, from 2.20% to 2.24%.


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