US equity market recovered nicely from Brexit to finish the second quarter mostly in the black. Also, markets end first half on similar gains The Dow Jones Industrial Average was up 1.4% while the S&P was up 1.9%. Small caps were up even more in the quarter with Russell 2000 clocking an impressive 3.4% but the tech laden Nasdaq was off 0.6%.
The ten year Treasury finished near record low yields at 1.49%. Crude oil settled in at $48.33 / barrel and gold ended at $1,318/oz. The dollar bought 103 yen which has soared 14% YTD while the euro cost $1.11 which was also 2.2% higher against the dollar. The UK pound closed at $1.33 down 11% YTD.
For the first half of 2016, the Dow Jones Industrial Average was up 2.9% and the S&P 500 up 2.7%. The Russell 2000 was up 1.4% while the Nasdaq sunk 3.3%. Gold was up 24% and crude oil up even more at 31%. Through the first half the euro climbed 2.3% and the yen was up 17%. The UK pound was off almost 10%.
The results indicate the Brexit downdraft last week was not sustainable. The stock markets seem to be saying recession is still a few quarters out.
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