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Binary Event Conflicts Don’t Sink Stock Markets, But This Could

Daily Recap

Today's action was characterized by a broad move toward safe havens, as fresh threats from both North Korea and the Trump administration roiled stock markets. Another approaching powerful hurricane may also be weighing on the indexes.

 

Treasuries rallied strongly as investors exited riskier equity positions and headed for the safety of government bonds. This caused the yield on the 10-year note to fall to 2.07%. Lower interest rates in turn weighted on financial companies, which led the declines. Insurers in particular were under heavy pressure due to the prospect of more damage from Hurricane Irma.

 

Gold was also a beneficiary of the move toward safe havens. It's currently up $15 per ounce and is trading just under the $1350 level. Silver joined in the festivities, rising 14 cents or 0.81%. XAU rose as well, up over 2% to 92.41.

 

Here in the U.S., the Industrials ended the day down 234 points or 1.07%. The ... Log in or subscribe to continue reading.


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