Equity markets posted only mild gains for the week, but it was enough to send the S&P 500 to a new record high. Yield on the benchmark ten-year Treasury ended lower for its first weekly decline in a month. Crude oil continued to move higher, posting a record ninth consecutive weekly gain.
A sluggish week in the equity markets was rescued by a sharp Friday rally on what some observers were terming a “Goldilocks” job report — strong enough to indicate economic growth but not so robust as to incite the Fed into near-term action. Yield on the benchmark ten-year Treasury ended slightly higher but was well off mid-week highs.
Equity markets followed up a week full of records on a tumultuous and ultimately negative note, as a sharp Friday rally was not enough to get the major domestic indexes back into positive territory for the period. Yield on the benchmark ten-year Treasury spiked higher, eclipsing an eight-week high near 2.12%, as the Fed appeared unfazed by the economy’s weak first quarter growth.
It was a solid week in the equity markets, as better-than-expected earnings from a number of bellwether tech companies sent bourses higher. Both the S&P 500 and Nasdaq ended the week at record levels; the Nasdaq set a new high-water mark on Thursday — for the first time since 2000 — only to top it a day later. Meanwhile, continued unimpressive economic data had the interest rate on the benchmark ten-year Treasury drifting lower on the week, though it continued to trade in a fairly tight range.
What looked like a decent week in the equity markets was derailed by Friday’s global selloff. Heightened concerns over a Greek default combined with news that China had tightened restrictions on margin lending to send investors in search of safe havens. The interest rate on the benchmark ten-year Treasury drifted lower over the week, while yield on ten-year German bunds set a series of all-time lows and settled at about 0.08%.