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US stocks halt their slide after the Treasury Department moves to ease pressure from the bond market
- On Wednesday, the S&P 500 climbed 0.2% as the U.S. Treasury Department announced plans to double purchases of 10- and 30-year Treasurys from Sept. 9 through Nov. 4.
- Financial markets faced growing strain as Treasury yields charged higher throughout the summer due to inflation and debt concerns, making borrowing more expensive and undercutting stock prices.
- Strong spring profit reports provided market support: Moderna soared 177%, Merck jumped 12.6%, and Estee Lauder rallied 16.3%, while Target rose 4.3%, Lowe's added 2%, and Toll Brothers climbed 4%.
- The 10-year Treasury yield dropped to 4.64% from 4.71% and the 30-year yield fell to 5.18% from 5.28% late Tuesday, easing pressure on the bond market.
- Strategists at BNP Paribas warned that buybacks are "necessary, but not sufficient" to offset a continued loss in Federal Reserve credibility, as investors question whether Chairman Kevin Warsh will raise rates soon to hit the 2% target.
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7 Articles
Coverage Details
Total News Sources7
Leaning Left3Leaning Right0Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 43%
C 57%
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