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What Happens When the Fed Closes the Term Spread?

Daily Recap

Friday was a down day, so naturally – in our new volatility-enhanced markets – today was an up day. The oscillation was in part due to strong corporate earnings, as both banks and trucking companies posted strong results.


J.B. Hunt Transport Services, in particular, posted solid earnings, which helped carry other transport companies higher. This led to the Transportation average being the top performer, as the index gained 240 points or 2.32%. Perhaps last week's confirming dip below the February lows is not to be trusted?


Other averages performed strongly as well. The Industrials gained 212 points or 0.87%, the Nasdaq rose 0.70%, and the S&P 500 climbed 0.81%. Breadth on the day was solid, with 2,151 advancing issues vs. 814 declining.


Overseas markets didn't get the memo about today being an up day. All major averages in Europe closed in the red, leaving the Stoxx 600 down 0.39% and the Europe ... Log in or subscribe to continue reading.

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