After briefly dipping into negative territory, stocks gained steam Friday as yields on the 10-year Treasury note backed off five-year highs of 5.25 percent. As stocks closed Friday, the yield on the benchmark note hovered around 5.11 percent. Yields, which move in the opposite direction of bond prices, jumped during the week after investors grew less optimistic that the Federal Reserve would lower short-term interest rates.
Stocks also received a boost Friday as oil prices fell after a cyclone spared major oil installations in the Gulf of Oman, easing supply concerns. Light, sweet crude for July delivery settled down $2.17 at $64.76 per barrel on the New York Mercantile Exchange. It is thus still too early to judge the direction of the stocks market next week so the smart way is to stay low and watch from sideline.
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June 9th, 2007 by financetwitter
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