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The Markets
Following an initial downturn largely in response to June's Brexit vote, equities rebounded during the month of July.  The first full week of the month saw each of the indexes listed here improve over the prior week, led by the Nasdaq, which gained almost 2.0%.  The Dow recouped just about all of the value lost right after the vote.  Long-term bond yields, highlighted by 10-year Treasuries, continued to slide -- falling 90 basis points from their year-end value.  By the week ended July 15, money flowed from long-term bonds (10-year Treasuries yield increased by 18 basis points) into equities as the Dow posted a 2.0% weekly gain, while the Russell 2000 jumped almost 2.4%.  Also helping boost stocks was a much-improved labor report, which saw the addition of almost 290,000 new jobs in June.  As the month wore on, light trading slowed the growth of the indexes listed here with the exception of the Nasdaq, which ended the week of the 22nd about 1.5% ahead of its value from the prior week.  As the month of July came to a close, each of the indexes listed here posted robust gains, led by the Nasdaq and the Russell 2000, each gaining about 6.0% over their June closing values.
Long-term bond yields fluctuated during the month, ultimately closing at essentially the same yield as June's closing return.  The price of gold (COMEX) increased by month's end, selling at $1,357.90 -- about $33 over June's end-of-month price of $1,324.90.
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