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Wealth Daily 28 March 2022

WEALTH DAILY 2022-03-28
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Shares on Wall Street staged a late afternoon rally last Fri to lock in their second straight week of gains. The 10-year Treasury yield traded above 2.50%, its highest level since May 2019. The yield started the week near 2.15%. 

On Fri, the Dow Jones Industrial Average gained 153.30 pts, or 0.44%, to close at 34,861.24. The broader S&P 500 index rose 0.51%. 

The tech-heavy Nasdaq Composite finished down 0.16%, just shy of positive territory. Among the Nasdaq’s worst decliners Fri were Zoom (ZM US, -3.24%) and DocuSign (DOCU US, -3.92%). 

The yield on the 10-year Treasury note finished up 10.14 basis points (bps) to 2.4731%. Financial stocks outperformed as Treasury yields rose. Bank of America (BAC US, +1.53%) and Wells Fargo (WFC US, +2.40%) rose. 

The most actively traded US gold futures (Apr) contracts settled down $8.00, or 0.4%, at US$1,954.20/oz. May silver, which is the most actively traded silver futures, fell 30.5 cents, or 1.2%, to end at US$25.615/oz. 

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, closed flat at 98.789 on Fri.  Oil reversed losses following news that Yemeni rebels were stepping up attacks on energy and power sites in Saudi Arabia.

The front-month Brent and WTI futures closed up $1.62 at US$120.65/bbl and $1.56 at US$113.90/bbl. 

European equity markets finished mixed on Fri. The UK FTSE gained 0.21, France's CAC 40 fell 0.03%, while the German DAX advanced 0.22%.