Global markets were buffeted by a series of geopolitical events that brought more volatility on to the investment landscape. The S&P 500 traded through an intraday high/low range of 2% during the week. From its peak level on July 24, the Index had declined about 4% through the close on Thursday (8/7), before Friday’s (8/8) strong day reduced the correction to about 2.8%. Amidst the angst of Fed watching, a short cease fire in Gaza ended with rocket strikes between Israel and Hamas on Friday and the U.S. began air strikes in Iraqi Kurdistan against Islamic militants. The Friday upside market driver was the reported softening in the stance by Russia regarding the Ukraine situation and redeployment of Russian ground forces.
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