US Stocks Rebound as Treasury Yields Retreat from Multi-Decade Highs
The US stock market experienced a rebound on Thursday after Treasury yields retreated from multi-decade highs. The Dow Jones Industrial Average rose by 29.84 points, or 0.06%, to finish at 50,935.89.
The S&P 500 gained 0.23% to 7,668.82, while the Nasdaq Composite rose 0.07% to 26,871.60. The recovery came after Treasury yields pulled back from their earlier highs.
The benchmark 10-year Treasury yield briefly climbed to 5.342%, its highest level since April 2002, but later fell by 6 basis points. The 30-year Treasury yield also reached its highest level in 24 years and declined by 4 basis points.
Stocks had initially come under pressure due to resilient labour market data and continued price pressures. However, the decline in shorter-dated yields reflected changing expectations around Federal Reserve policy.