Big investors jumping back into stocks
Robert Burgess | 31 May 2019 00:30
History will show that the S&P 500 Index fell on May 29 to its lowest level in 11 weeks, capping the benchmark’s biggest two-day decline since the start of January and putting it on track for a loss of about 5.53% for the month.
But that would only be part of the story.
Here’s the other part: Stocks recouped about half their intraday loss after a lousy auction of US$32 bil (RM134.29 bil) in sevenyear notes by the US Treasury Department.
It was so lousy, in fact, that in the past 10 years, there was only one auction of seven-year notes that attracted lower demand than May 29’s sale, and that was back in early 2016.
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