Stocks started off lower in the US despite healthy gains overseas. The Asia Dow was up 0.80% and the STOXX 600 gained 1.07%. In the Americas, the volatile Brazilian market jumped 3.48%.
A strong inflation report for January sent US shares lower until investors decided NO - they didn’t mind a strong economy after all! Bonds tanked, as yields rose to new highs for the year, but stocks rallied strongly. The 10-year note’s yield vaulted up to 2.896%.
Precious metals soared on the strong inflation report that caused the dollar to wilt. The US dollar index dropped 0.7%, to 89.04. Gold rose $24, or nearly 2%; silver gained 31 cents, also nearly 2%, while platinum and copper both rose about 2.5%. Mining shares liked what they saw, so XAU jumped nearly 6%.
At the close, the Dow Industrials were up 253 points, or 1.03%. The S&P rose 1.34% and the NASDAQ added 1.86%, as ... Log in or subscribe to continue reading.
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