Yield-Starved Investors Scoop Up Muni Bond ETFs
There were a lot of doors being knocked on today, with the owners unsure whether to let anyone in or not. Based on strong oil prices and a weak dollar that benefited US exporters, stocks rallied widely this morning, the Dow knocking on the door at 18,000. The S&P 500 rose to within 10 points of its all-time high, peeking inside that door. And the mining shares, per both XAU and GDX, liked the double boost of higher gold and higher stock prices, and rose to near yearly highs.
In the end, oil was allowed in and invited to stay. Crude closed at $51.16, well above the key psychological $50 mark and its highest price in 11 months. Energy stocks CVX and XLE bumped up against their yearly highs, then closed down on the day. XAU and GDX kept gains of greater than 3%, but closed well below the day's highs.
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