Stocks opened mostly higher this morning (Dow +136 pts; SPX +.7%), rebounding a bit from this week’s rout. The tech sector is up 1.2%, and most other cyclical sectors are in the green after the monthly jobs report (see below). Only energy stocks are in the red despite higher oil prices today. The VIX Index, which spiked over 20 on Wednesday, fell back to 18. VIX November futures fell back to 19, suggesting his week’s market decline is just a blip. European markets closed up by about .5% in today’s session. Commodities are mostly higher on the day. WTI crude oil is up 1% to trade around $52.90. Gold is roughly flat after having surged 17% so far this year. Bonds are rallying right along with stocks this morning. The iShares 20+ Year Treasury Bond ETF (TLT) tacked on another .6% in early trading. The fund is up almost 20% this year. And yes, that means it has outperformed the stock market. Even intermediate term high-grade corporate bonds are up more than 10% this year.
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