It’s a tug of war between stocks and bonds, at least, it feels that way. The S&P 500 were on pace to surpass a record closing high of 2,130.82 on Monday as Treasury yields held at record lows.

The sharp swing higher for stocks was sparked by a June jobs report that showed that the U.S. created 287,000 new jobs in June, quelling some of the nagging fears that the labor market was beginning to sputter after the May report showed a measly 38,000 jobs (later cut to 11,000) were added.

Read: 3 reasons why you shouldn’t buy into the S&P 500’s breakout effort

Friday’s nonfarm-payrolls report delivered a powerful jolt to investor confidence, which helped to erase all of the losses (and them some) from the rout fueled by the U.K.’s decision to exit the European Union, dubbed Brexit, during a June 23 referendum. The Dow Jones Industrial Average DJIA, -0.87% and the Nasdaq Composite Index COMP, -1.07% and S&P 500 tanked in the wake of the vote.

Now, the Dow is just 166 points shy of its own all-time closing high of 18,312.39, reached May 19, 2015, and on it logged a fresh 52-week closing high on Friday. Meanwhile, the Nasdaq was enjoying the best daily jump of the three main stock-market benchmarks.

New, dizzying heights for the S&P 500 should produce a collective cheer from investors, especially since equities quickly raced to new records after the gut-wrenching Brexit drop.

However, the rally in stocks is making some uneasy because it’s happening as the yield on the benchmark 10-year note TMUBMUSD10Y, 0.661% closed at a record-low 1.366%, according to Dow Jones data.

What gives?

Investors typically don’t buy bonds and stocks at the same time.

Bonds are considered a haven, while stocks are favored when risk appetite is higher. Bond prices move in the opposite direction of yields, so appetite for the perceived safety of bonds is driving yields lower even as investors scooped up equities at a rapid clip Friday.

According to Dow Jones data, the S&P 500 has closed at a record high and the 10-year has closed below 2% only once in the last 40 years. That was back in 2013, as the U.S. economy was still emerging from the financial crisis, aided by a dollop of quantitative easing from the Federal Reserve.

Colin Cieszynski, chief market strategist at CMC Markets told MarketWatch that yields diving lower can be explained by appetite from foreign investors, who are eager to gobble up Treasurys in a world where nearly $12 trillion in debt offers negative yields.

Worries about embattled Italian banks and lingering concerns about sluggish growth in China, the world’s second-largest economy, are among investors’ biggest concerns.

“Buying today on nonfarm payrolls has been pretty relentless. I think bond yields are being driven down by offshore uncertainty (Brexit, China, Italy/EU) rather than domestic issues,” Cieszynski said.

He believes that expectations that the Fed will remain reluctant to raise interest rates due to these global growth worries creates an optimal environment for stocks to prosper.

“It is like we’re heading into another Goldilocks environment of a strong economy without the fear of the Fed raining on the easy money parade by boosting rates,” he said.

Another way to think about this market dynamic is a popular acronym that Wall Street has adopted lately: TINA, or there is no alternative.

In other words, in a world rattled by the prospect of anemic global growth, both U.S. stocks and bonds are benefiting because they are the only game in town.

“Even at the current low yields in the U.S., investors are still earning more than they could in the rest of the developed world. The U.S. Treasurys also benefit from being the most liquid market—and get some buying for safe haven purposes,” said Chris Gaffney, president of World Markets at financial services company EverBank.

Mary Talbutt, a fixed-income portfolio manager at The Stanley Laman Group, which manages about $1 billion, said that she believes early morning moves from buyers in Europe have been weighing on Treasurys.

“I see moves lower [in Treasury yields] as about domestic economic news and more as a global reaction and that is simply because most of the dip in yields occur at around at 8 a.m. [ET],” Talbutt told MarketWatch.

Talbutt offered a snapshot of what she has been looking at in Treasury yields on her Bloomberg terminal during the past several sessions, with yields sinking then climbing later in daily trade.

Yields have been pushing lower in the early hours, Talbutt says Source: Bloomberg

Still, Talbutt said she senses some fear among her clients, who have been asking about investing in bonds and selling stocks. “I think people are very uneasy,” she said.

Another haven asset, gold US:GCQ6, which has soared over the past several sessions, dipped on Friday. But the metal still proved relatively resilient considering the stock-market rally. Market participants say that gold futures benefit from the belief that the Fed might not raise rates any times soon. Lower rates provide a runway for gold and precious metals that don’t bear a yield to rise.

“Brexit will have a lasting impact on the EU and we have already heard calls for additional referendum votes,” Gaffney said, adding that he believes “China’s economic recovery is fragile.” He also pointed to the coming U.S. presidential election as the “ultimate unknown” supporting haven assets.

But whatever, the dynamic it seems unlikely that stocks and havens like bonds can rise together for a protracted period.

“In time I expect this discrepancy to be resolved by a break in the bond market because the fears Brexit could cause a global slowdown (or even a big U.K. slowdown) are way overblown in my opinion, CMC Markets’s Cieszynski said.

Central banks have played an outsize role in fostering this unusual trading environment, aiming to boost sluggish economies with ultraloose monetary policies that have created distortions in financial markets.

Ultimately, central bankers might prove the biggest X Factor in how this all ends.

But in the end, something’s gotta give.

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