Yields fall after US 10-year hits highest since 2002; US stocks inch up
SPY•Treasury yields fell after the 10-year yield reached 5.34%, its highest since 2002, while US stocks ended slightly higher. The S&P 500 rose 0.19%, and oil prices gained more than $4 a barrel.
1. Yields retreat
Bond yields fell on Thursday after earlier gains pushed the 10-year US Treasury yield to 5.34%, its highest since the spring of 2002. The 10-year yield was last down 5.65 basis points at 5.237%, while the two-year yield fell 10.39 basis points to 4.783%.
2. US stocks edge higher
The Dow rose 0.04% to 50,926.56, the S&P 500 gained 0.19% to 7,666.45 and the Nasdaq Composite added 0.04% to 26,871.60. Micron shares rose 3% after the company gave a better-than-expected revenue forecast and reported $32 billion in customer commitments under supply agreements.
3. Oil prices jump
Brent crude settled at $102.31 a barrel, up 4.37%, while US West Texas Intermediate crude rose 2.71% to $92.87. The article cited a report that the US was sending more troops and carriers to the Middle East, as well as China's suspension of oil products exports.
