Surging Bond Market Pressures Stocks Lower This Week

The VIX touched its highest point since March

Deputy Editor
Oct 20, 2023 at 4:26 PM
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Wall Street closed the week lower, dragged down by a consistently sharp rise in the 10-year Treasury yield. In response to the general market malaise, the VIX roared to levels not seen since late March, with the "fear gauge" locking up its fourth weekly win in the last five.

The Dow and Nasdaq both logged daily triple-digit losses today, while the S&P 500 also finished deep in the red, with all three major indexes extending their multi-day losing streaks. In addition, all three benchmarks finished the week substantially lower.

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Oil, Gold Futures Post Weekly Gain

Oil prices moved lower to close out the week, but still rose 1.2% this week as supply concerns in the Middle East fester. For the session, crude for November delivery fell 62 cents, or 0.7%, to settle at $88.75 per barrel.

Gold futures marked a their highest close since early August, moving back above $2,000 per ounce earlier in the session. December-dated gold did pare some of those gains, however, adding $13.90, or 0.7%, to settle at $1,994.40 an ounce Friday, though they managed a 2.7% weekly gain.



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