The Most Important Number of the Week Was 57.29

It was a big week for financial markets. The S&P 500 Index rebounded from its worst weekly selloff since October to set another record as companies posted better-than-forecast earnings. Yields on U.S. Treasuries continued their slow march higher, with those on the benchmark 10-year note reaching their highest since March as the economy showed signs of improvement. Silver went on a roller-coaster ride as the Redditors took aim at the precious metal.

Not to diminish the importance of those moves, but perhaps the more meaningful action was in the oil markets, where the price of West Texas Intermediate crude soared to as high as $57.29 a barrel in intraday trading. Not only was the weekly increase of 9.16% the biggest since early October, but the price has finally recovered all of its pandemic-related losses. The move also comes amid a broader comeback in the markets for raw materials, with the Bloomberg Commodity Index reaching its highest since 2019.