Bonds Improved Throughout The Day, With and Without Stock Market Losses

Based on the movement at the end of last week as well as this morning's rally, it would be easy to conclude that bonds were benefiting from weakness in the stock market. While that is still arguably true, as the day progressed, we also saw that bonds were willing to hold their gains even as stocks tried to recover. There were no scheduled events that moved markets and a majority of the volume surrounded the first hour or so of the NYSE session.