Yields retreat from 24-year high, lifting US stocks
SPY•US stocks ended modestly higher Thursday as Treasury yields retreated after the 10-year yield reached its highest level in 24 years. The 10-year yield closed down 6.08 basis points at 5.234%, while the S&P 500 rose 0.2%.
1. Yields reverse course
US stocks turned higher Thursday as Treasury yields retreated, reversing an earlier climb that had taken the benchmark 10-year yield to its highest level in 24 years. The yield closed down 6.08 basis points at 5.234%.
2. Indexes post small gains
The Dow and Nasdaq each gained 0.04%, while the S&P 500 rose 0.2% and its technology sector reached a record closing high. Fed funds futures put the odds of a rate hike at the Fed’s October meeting at 26%, down from about 70% earlier in the week.
