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Market Brief – Friday 5/22/20

Without any economic news to drive the markets today, stocks started the day lower. Treasury yields also fell in overnight trading and continued falling in early trading. With the stock market closed on Monday for Memorial Day, trading is expected to be light and uneventful today.

The New York Fed announced started next week it will taper its purchase of U.S. Treasury securities to $5 billion per day, or $20 billion for next week due to the shortened holiday week. Treasury yields were unchanged following the announcement.

Stocks closed slightly higher and Treasury yields lower going into the 3-day weekend.