Dow rose 272 with buying into close, advancers over decliners better than 2-1 & NAZ gained 84.  The MLP index remained flat in the 224s & the REIT index was up 3+ to the 372s,  Junk bond funds hardly budged & Treasuries continued to see heavy buying for the entire session.  Oil rebounded 1+ to the 76s & gold was off chump change at 1998 (more on both below).

AMJ (Alerian MLP Index tracking fund)

The Federal Reserve unaddressed safe & soundness supervisory warnings — triple the average number of peer banks.  Barr recommended that going forward, stronger regulatory standards are needed for smaller banks & said the Fed will evaluate liquidity risk of uninsured depositors.  "Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation based on what we have learned," Barr said, adding he has a "high level of confidence" these things will get done.

Fed reveals what led to the worst bank failure since Great Recession

First Republic most likely headed for FDIC receivership, sources say; shares drop 40%

US consumer spending flat in March; core inflation still strong

Gold futures finished a few pennies higher, leading to an only modest climb in prices for the week & the month of Apr.  Range-bound interest rates & equity markets likely mean the near term for gold will be driven by the $ trends & emerging market buying.  Still, recession fears are supportive for gold prices, especially as inflation remains stubbornly high.  Gold for Jun edged up by a dime to settle at $1999 an ounce.  For the week, prices based on the most-active contract added 0.4% for the week & climbed nearly 0.7% for the month.

Gold Futures Settle with Modest Gains for the Week and Month

Oil prices took a roller coaster ride this week, with WTI crude finishing the day 2.7% higher at $76.78, the largest one-day gain in nearly 4 weeks.  This comes after prices fell by 3.6% Wed, the largest one-day decline in 6 weeks.  The reason for the volatility may have been technical in nature & several analysts argue that prices now may be set to rise.  Brent crude ends 1.5% higher at $79.54.

Oil Ends Higher at End of Volatile Trading Week

Dow is back over 34K again, the higher part of its recent range (see below).  Last week for stocks was strong with Dow gaining 950, good enough to put Apr in the black.  But there are dark clouds,  FRC is more than just shaky & somebody needs to bail it out to avoid this situation from spreading to other banks.  And there are numerous signs the economy is struggling while interest rates are at the highest in decades.  In the meantime, enjoy the elevated values for the Dow.  

Dow Jones Industrials