Investors have witnessed some 'pretty crazy' times in financial markets lately, with Thursday's wild fluctuations ranking high among the them.
Investors have witnessed some “pretty crazy” times in financial markets these past few weeks, with Thursday’s wild fluctuations ranking among the “craziest days of my career,” said Rick Rieder, the chief investment officer for global fixed income at BlackRock Inc. BLK, during an interview with MarketWatch’s Christine Idzelis on Thursday to commemorate the website’s 25th anniversary.
Stocks, bonds and the dollar vacillated wildly on Thursday after a closely watched gauge of consumer-price inflation came in hotter than expected. The S&P 500 SPX booked the biggest intraday comeback since December 2008 on a percentage-point basis, while the Dow Jones Industrial Average DJIA saw its biggest intraday swing on a percentage-point basis since April 2020.
Volatility in bond markets was also intense Thursday, as the yield on the 2-year Treasury note TMUBMUSD02Y rose 16.2 basis points to 4.449% from 4.287% at 3 p.m. Eastern on Wednesday, marking its highest such level since Aug. 9, 2007 “If I can get 4% to 6% in quality assets, I kind of think I would rather stay there for a while,” Rieder said.