By — Bloomberg News,
There was supposed to be volatility, but none has come. Instead, losing trades have sprung to life in September, among them bank shares, enjoying their strongest stretch since the first days of the Trump era.
“As 2017 has shown us time and again, in the healthiest uptrends, capital has a funny way of creeping back toward areas that have lagged just when it is most needed,” said Frank Cappelleri, senior equity trader at Instinet.
In what is historically the worst month for stocks, September has seen the Standard & Poor’s 500-stock index rise 1.2 percent, poised for its sixth monthly gain. Both KBW’s bank measure and the Russell 2000 Index of smaller companies have shown better returns, climbing at least 3 percent.
Weighing on growth’s performance are tech giants such as Apple, who have yet to reclaim their early year form. The iPhone-maker and four other tech firms accounted for about one-third of the S&P 500’s advance from January to August.
The U.S. treasury will sell $42 billion of three-month bills and $36 billion of six-month bills Monday. They yielded 1.06 percent and 1.19 percent, respectively, in when-issued trading. It will also sell four-week bills and $26 billion of two-year notes Tuesday, as well as $13 billion of two-year floating-rate notes and $34 billion of five-year notes Wednesday. On Thursday, it will sell $28 billion of seven-year notes.
— Bloomberg News
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