US equity market recovered nicely from Brexit to finish the second quarter mostly in the black. 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% while 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 and the stock markets seem to be saying recession is still a few quarters out.
