Dow shot up 748 (session highs), advancers over decliners 5-2 & NAZ went up 244.  The MLP index rose 3+ to 220 & the REIT index was off 1+ to the 548s.  Junk bond funds continued mixed & Treasuries were purchased, reducing yields modestly.  Oil edged higher in the 84s & gold climbed 22 to 1658 (more on both below).

AMJ (Alerian MLP Index tracking fund)

  The stock fell 1.67.
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Verizon profit declines as pricier plans result in subscriber loss

Secretary of Defense Lloyd Austin spoke with his Russian counterpart, the 2nd known call since the Kremlin's full-scale invasion of Ukraine in late Feb.  Pentagon press secretary Air Force Brig Gen Pat Ryder said Austin spoke with Russian Minister of Defense Sergey Shoygu by phone.  Ukrainian Defense Minister Oleksii Reznikov said he spoke with Austin in a separate call.  Reznikov said the 2 discussed additional air defense systems in upcoming US security assistance packages for Ukraine's fight.  “Secretary Austin emphasized the importance of maintaining lines of communication amid the ongoing war against Ukraine,” according to the Pentagon.  The call comes as the war enters its 9th month & as Ukraine continues a stunning counteroffensive to retake more of Russian-occupied territory in the east & south.  Secretary of State Antony Blinken traded barbs last month with his Russian counterpart during a US Security Council meeting.  Blinken cited credible reports of Russian forces committing war crimes in Ukraine.  He detailed the grisly discovery of mass graves in the Ukrainian cities of Izyum & Bucha.  Russian Foreign Minister Sergey Lavrov denied the allegations and placed the blame for civilian deaths on Ukraine.  He also blamed the US, France & Germany for not holding Ukraine accountable for the alleged atrocities.  In recent days, Moscow has upped the ante with several devastating missile & drone strikes against what Kyiv said were civilian targets & critical infrastructure such as energy facilities.  Ukraine has also accused Russia of using Iranian drones in its widespread & indiscriminate attacks.  Tehran & Moscow have repeatedly denied the alleged arms transfers.  Following the fresh drone strikes, the US, Britain & France raised the implications of such Iranian arms transfers to Russia in a closed-door UN Security Council meeting.

U.S. Defense secretary speaks with Russian counterpart as war in Ukraine enters ninth month

Republicans eye possible extension of Trump tax cuts after midterm elections

Gold finished higher, giving up early losses that brought prices to their lowest intraday level in 2½ years as investors continued to look for hints on Federal Reserve's next move on interest rates.  Gold futures for Dec rose $19 (1.2%) to settle at $1656 per ounce after touching a low at $1621, the lowest intraday level for a most-active contract since Ap 2020.  For the week, prices rose nearly 0.5%.  Gold was under pressure & lacking much interest, but snapped back quickly & sharply early today after speculation a 75 basis point interest-rate increase in Nov by the Federal Reserve, might be followed by only 50 basis point rate increase in Dec.  San Francisco Fed Pres Mary Daly said the central bank needs to start talking about slowing down its rapid pace of recent increases in their benchmark interest rate.  “I think the time is now to start talking about stepping down — the time is now to start planning for stepping down,” Daly said, 

Gold finishes higher, shaking off early losses that pulled prices to a 2½-year low

Oil futures climbed to post a gain for the week, but natural-gas futures fell sharply for the session to end the week more than 20% lower.  Very tight physical market conditions are supportive of futures prices right now.  Natural-gas futures, however, saw prices crash thru technical support from the summer in the $5.40s.  Mild weather forecasts easing demand expectations & rapidly rising inventories have been key bearish influences over the last week.  US benchmark West Texas Intermediate crude for Dec rose 54¢ (0.6%) to settle at $85.05 a barrel, with prices up 0.5% for the week.  Nov natural gas lost 40¢ (7.5%) to $4.959 per M British thermal units, the lowest finish since Mar 2022 & down 23% for the week.

Oil prices post a weekly gain, but natural-gas futures fall more than 20% for the week

Dow Jones Industrials