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The Weak That Was

The Weak That Was
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It’s only February, but last weeks’ markets came in like a lion and out like a lamb. The major averages finished in the “red” but significantly pared their losses towards the end of the week. The S&P 500 ended the week down .8% after falling as much as 3.7% intraday on Thursday. The Dow Jones Industrial Average fared slightly worse, closing down 1.5% for the week. The Nasdaq was the surprising outperformer finishing down only .6%. As wild as the ride was in the equity market, the commodity and bond markets were even more volatile. The benchmark ten-year yield opened the week at 1.84%, traded as low as 1.53%, and finished the week at 1.75%. West Texas Crude traded down over 15% to $26.21 per barrel before rallying to close at $29.44, a loss of only 4.7% for the week. Gold was the glaring outperformer, continuing its 2016 tear, finishing up 3.9%. It is now up over 16% on the year.

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