Equity indexes finished modestly higher today, with the Russell 2000 leading the tape and ten of eleven sectors above their 200-day moving averages. Credit spreads tightened across the week, with HY OAS easing two basis points and high-yield ETFs firming. Treasury yields paused at the long end while the front end ticked up modestly. Volatility eased into the mid-sixteens with tail-hedge demand continuing to unwind from the prior week's intraweek spike. Equal-weighted indexes recovered ground on the day but still trail cap-weighted ones over the past month. The story today sits in the layers that healed — credit, breadth, and positioning all improved alongside the broader tape, even as the prior week's narrow-rally residue hasn't fully repaired.