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Is There A Need For Another Plaza Accord?

Daily Recap

Stocks broke their trend today by following a trend for once. In the US, stock prices opened higher and stayed there all day; I know – how crazy is that? So it's three up-days in a row here. Overseas, the Asia Dow was up also, closing with a modest 0.32% gain. In Europe, though, things were just nuts, as the STOXX 600 scored its largest one-day gain in three years. Buoyed, like other markets, by the latest sense that a trade war might not happen, the STOXX 600 rose 2.4%. A stronger dollar may have helped, as it benefits European exports; the dollar index rose 0.45% to 90.48.

Fixed income assets, a.k.a. "risk-off" investments, paid a price for the rush into stocks, across all maturities and across the globe. The US 10-year note closed with a 2.834% yield.

Commodity prices were mostly higher, with gold and natural gas being about the only exceptions. ... Log in or subscribe to continue reading.


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