The yield curve tipped upside down during May, with longer-term treasuries now paying less than shorter-term notes. The downward pressure on longer-term yields spilled over into the U.S. preferred stock marketplace, pushing prices of U.S.-traded preferred stocks up with strong demand. For the first time in quite a while, seven preferred stocks traded over 500,000 shares on Friday, May 31, with two issues trading over one million shares on that day (the average daily volume for U.S.-traded preferred stocks runs around 35,000 shares).
As the month came to a close, the average market price for