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Weekly Financial Update - January 10, 2020

Christopher LaPorta

January 13, 2020

U.S. stocks shook off the latest batch of geopolitical concerns and continued their upward trajectory to post strong gains in the first full trading week of 2020. Iranian forces responded to the killing of Major General Qassem Soleimani with a barrage of ballistic missiles on two U.S. military bases in Iraq on Tuesday. Iran’s retaliation sparked a temporary decline in yields on the benchmark U.S. 10-year Treasury bond to 1.70% and drove U.S. crude oil prices above $65 per barrel for a few hours last Tuesday morning.

The risk-off sentiment quickly receded, however, after President Trump stated in his address to the nation there were no American casualties in the attack and that Iran “appears to be standing down.” Equity indexes quickly rebounded, U.S. Treasury yields climbed higher and crude oil fell back under $60 a barrel. The S&P 500, Dow Jones Industrial Average and the Nasdaq Composite gained 0.9%, 0.7% and 1.8%, respectively, last week. 

Learn more in our Weekly Financial Market Update