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Daily Recap

Volatility is back in the markets for sure, after months of "What - me worry?" US stocks opened sharply higher, based on the chimera of bipartisan cooperation? Or something ... Anyway, the Dow Industrials were up some 200 points, and almost immediately started to reverse direction. An hour before the close, they were actually down on the day, led there by Fed comments hinting at higher interest rates ahead.

All of this followed mixed overseas markets, which were surprisingly only down a bit after Tuesday's big decline in the US. The Asia Dow finished with a 0.03% loss, the STOXX 600 with a 0.17% loss. Interest rates were mostly unchanged, except in the UK, where their 10-year note fell half a point, its yield rising to 1.516%. In the US, our 10-year note was essentially unchanged, with a 2.717% yield. The US dollar index was similarly quiet, losing 0.07% (James Bond!) to 89.09.

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