Daily Roller Coaster Ride Continues on Wall Street
The rollercoaster ride continued on Wall Street today, as the S&P 500 finished down less than a point after being as low as 1430 (14 points in negative territory), while the Dow gained 42 points and the NASDAQ added 3. Over in the bond market, the 10-year Note climbed in value with a closing yield of 4.64%, and the 30-year Bond finished at 4.98%, widening the gap in the yield curve.
The markets spent the day still digesting the Federal Reserve’s lowering of the discount rate by 50 basis points last Friday. This week’s trade will reveal how the market is reacting to that move, as well as whether investors believe the Fed will hold its stance on not cutting the Fed Funds rate.
In the Asian markets, the Nikkei is coming off of a 3% gain from its last session, while the Hang Seng ended recent trading with a gain of nearly 6%.
