On this day in 1273 Dervorguilla of Galloway founded the cistersian sweet heart Abbey outside Dumfries.
The abbey, located on the banks of the New Abbey Pow (river), was founded by Dervorguilla of Galloway, daughter of Alan, Lord of Galloway, in memory of her husband, John de Balliol. After his death, she kept his embalmed heart, contained in a casket of ivory and silver, with her for the rest of her life, and it was buried alongside her when she died. In line with this devotion to her late husband, she named the abbey Dulce Cor (Latin for Sweet Heart). Their son, also John, became King of Scotland, but his reign was tragic and short.
Under the first abbot, Henry, the abbey was built in deep-red, local sandstone in the Early English style. It was founded as a daughter house to the nearby Dundrennan Abbey; thus this novum monasterium (new monastery) became known as the "New Abbey ".
On this day in 1273 Dervorguilla of Galloway founded the cistersian sweet heart Abbey outside Dumfries.
The abbey, located on the banks of the New Abbey Pow (river), was founded by Dervorguilla of Galloway, daughter of Alan, Lord of Galloway, in memory of her husband, John de Balliol. After his death, she kept his embalmed heart, contained in a casket of ivory and silver, with her for the rest of her life, and it was buried alongside her when she died. In line with this devotion to her late husband, she named the abbey Dulce Cor (Latin for Sweet Heart). Their son, also John, became King of Scotland, but his reign was tragic and short.
Under the first abbot, Henry, the abbey was built in deep-red, local sandstone in the Early English style. It was founded as a daughter house to the nearby Dundrennan Abbey; thus this novum monasterium (new monastery) became known as the "New Abbey ".
Spiking bond yields driving sharp losses in tech stocks
A spike in interest rates since the start of the year has accelerated a rotation out of high-growth technology stocks and into value stocks poised to benefit from a reopening of the economy. The Nasdaq has fallen more than 10% over the past month as the Dow has soared to record highs, with a spike in the 10-year US Treasury yield acting as the main catalyst. It recently surged to a cycle high of more than 1.60% after starting the year below 1%. But according to Jim Paulsen, the Leuthold Group's chief investment strategist, rising interest rates do not represent a long-term threat to the stock market. Paulsen expects the 10-year yield to cross 2% by the end of the year.
A spike in interest rates and its impact on the stock market depends on the economic backdrop, according to Paulsen. Rising interest rates amid a strengthening economy "may prove no challenge at all for stocks," Paulsen said.
Pinterest (PINS) Stock Sinks As Market Gains
Pinterest (PINS) closed at $71.75 in the latest trading session, marking a -0.18% move from the prior day. This change lagged the S&P 500's daily gain of 0.1%. Meanwhile, the Dow gained 0.9%, and the Nasdaq, a tech-heavy index, lost 0.59%.
Heading into today, shares of the digital pinboard and shopping tool company had lost 17.41% over the past month, lagging the Computer and Technology sector's loss of 5.38% and the S&P 500's gain of 0.71% in that time.
Investors will be hoping for strength from PINS as it approaches its next earnings release. The company is expected to report EPS of $0.07, up 170% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $467.87 million, up 72.05% from the year-ago period.
