The news Sunday evening that Larry Summers was withdrawing as a candidate for the Fed Chairman position surprised many and sent the yield on the 10-year Treasury down to 2.8 percent early Monday morning, its lowest level in September.
Equity markets surged higher as the threat of military action against Syria dissipated and on positive global economic news. The S&P 500 gained more than 2 percent, but the Dow Jones Industrial Average posted the strongest gain for domestic equities, rising 3.10 percent. Emerging markets turned in the week’s best performance, with a gain of 3.69 percent for the MSCI Emerging Markets Index.