All three indexes climb to new all-time highs

Gains logged for the shortened Independence Day week as a whole

There was more than just Independence Day to celebrate in the week that went by in the U.S.

The bellwether trinity – Dow Jones, the S&P 500 and the Nasdaq all closed at new highs Friday, one day after economic concerns surrounding a resurgence in Covid-19 infections drove sharp losses.

The highs were chiefly driven by a Treasury debt rally that became a buying frenzy, sending long-term yields sharply lower.

This took the wind out of the sails of reflation trade, which had favoured shares of more cyclically sensitive companies expected to benefit the most from rising prices and accelerating economic growth.

Volatility is back with a vengeance as the VIX, commonly known as Wall Street’s fear gauge, spiked more than 15% on Thursday.

The short but frantic week saw the Dow Jones Industrial Average (DJI) advance marginally by 0.24%. The S&P 500 (GSPC) rose 0.40%, its eighth consecutive record and longest such streak since 1997. Finally, the Nasdaq (IXIC) climbed 0.43% to emerge as the biggest gainer of the three.

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