An uptick in equities on Friday couldn't overcome the four-day downdraft across the board that preceded it. Whether the slump was caused by weak economic data, a fresh outbreak of Middle East conflict, a discouraging report about corporate profits, or simple profit-taking after the previous week's strength, it left the S&P 500 a whisker away from flat for the year and wiped out all year-to-date gains for the Dow industrials. Military action in Yemen, a country situated at a key checkpoint for Middle Eastern oil shipments, was seen as a potential threat to supplies and fueled a bounce in the price of oil. However, anxiety about equities didn't translate into gains for the benchmark 10-year U.S. Treasury note, which remained relatively stable. Gold built on the upswing that began the previous week; it has now gained roughly $50 an ounce in a little less than two weeks.
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