Afternoon Wrap-Up

Bonds continued to rally throughout the day as the ride for equities was a little bumpier. Still, the DJIA finished up about 211 points higher. With this morning’s bigger-than-expected Jobless Claims numbers and the prospect of a doomsday-looking employment report tomorrow, the Ten-Year gained about 5/8 of a point pushing its yield down to around 62 basis points. Two-years might get you 0.11%. Also noteworthy was the behavior of Fed Funds futures which has now priced in the possibility of a negative policy rate early in 2021. Crude oil started the day off strongly, but will wind up about 50 cents lower at $23.50/barrel. Gold rallied about $32/ounce to $1,718.