Stocks And Treasuries Both Capping Off A Strong First Half

Bespoke Investment Group
By Staff of Bespoke
Financial Research, Money Management •

While the S&P 500 has rallied nearly 19% on a total return basis, long-term Treasuries, as measured by the Merrill Lynch Long-Term Treasury index, have rallied just under 10%.

While the relationship between the performance of equities and US Treasuries has changed over time, throughout most of the bull market in equities off the March 2009 lows, positive equity performance has coincided with weaker performance in Treasuries and vice versa. This year has bucked that trend. While the S&P 500 has rallied nearly 19% on a total return basis, long-term Treasuries, as measured by the Merrill Lynch Long-Term Treasury index, have rallied just under 10% and were actually up over 10% on the year through last Thursday’s close.

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