- Dow +0.55% to 16261. S&P +0.67% to 1842. Nasdaq +0.29% to 4034.
- Treasurys: 30-year +0.37%. 10-yr +0.11%. 5-yr +0.01%.
- Commodities: Crude -0.47% to $103.57. Gold -1.86% to $1302.8.
- Currencies: Euro -0.08% vs. dollar. Yen -0.01%. Pound +0.01%.
- Stocks swung from gains to losses and finally to gains in a volatile session, erasing a sharp midday swoon that saw the Nasdaq fall to near five-month lows before recovering.
- The main indexes closed a little under their morning highs, which came as Coca-Cola and J&J delivered upbeat earnings reports.
- Reports of pro-Russian separatists briefly taking control of an airfield in eastern Ukraine weighed on investor sentiment early on, but the mood brightened as it appeared a worst-case scenario wasn't happening.
- The rally in stocks and the dollar/yen pair also seemed to follow reports suggesting Japan may be set to lower its economic outlook, presumably fueling speculation that a downgrade would invite more policy stimulus from Japan.
- The utilities sector (+1.3%) ended ahead of the other groups, extending its YTD gain to 11.8%; the biotech ETF added 1%, while the broader healthcare sector advanced 1.1%.
- Recent intraday volatility warrants caution, Waverly Advisors CIO Adam Grimes says, as it implies a lack of conviction among traders: "You don't necessarily want to be buying dips, but you don't want to be selling into them either... It is a time for no action."
- Treasury prices strengthened as the rising tensions in Ukraine boosted demand, sending the benchmark 10-year yield to a six-week low below 2.6% before settling near 2.62%.
- Gold futures fell 2.1% to ~$1,300/oz. on apparent profit-taking following yesterday's three-week high for the metal.
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