Good morning and thank you for reading this week’s Monday Morning Market Commentary. I hope everyone enjoy Mother’s Day the weekend before last and I want to thank so many of you for the kind emails, wishing Beth Ann a Happy First Mother’s Day! We had a wonderful time and she was very thankful that I spent all weekend with her and Madison. Also, for all those that filled out the client survey, thank you. I really appreciate your feedback and will be making some changes to how we work because of it.
Now onto the markets for the last two weeks. Even with so much bad news coming out about our economy and the global economy, stocks have continued their swift ascent. These past two weeks looked very similar to many of the weeks we have seen this year, with stocks pushing high into the midweek, pulling back a little midweek, and then rising to close high on Friday. The S&P 500 rose over 3% over the last two weeks, closing at 1,667.47 on Friday.
Bond yields followed along with the S&P 500, rising to just over 1.9% throughout the week. Although bond yields have diverged severely from stocks the last few years, we have seen them start to move in unison again the last few months. The 10-yr Treasury went from 1.75% two Fridays ago, to close at 1.95% this past Friday, quite a big jump over 2 weeks.