Treasury's Debt Buyback Decision Sends US Stocks Soaring

The US stock market rebounded from its tech-led slump on Tuesday as the Treasury's decision to double its long-dated debt buybacks pulled benchmark yields off 20-month highs and knocked the dollar to its weakest level since late May.

Gold prices jumped toward $4,500 an ounce, tracked by the SPDR Gold Shares (ARCA:GLD), while silver rallied 4.3% to $66.06 and platinum gained 4.4% to $1,809.50, both reaching two-month highs.

The Treasury said it would at least double the size of its liquidity-support buyback operations covering securities maturing in 10 to 30 years, lifting the maximum to $4 billion through Nov. 4, after 30-year yields recently touched their highest since 2007.

Moderna Inc. (NASDAQ:MRNA) more than doubled on Wednesday, soaring 132.7% to $146.52, after the biotech company and Merck & Co. Inc. (NYSE:MRK) said their personalized mRNA cancer vaccine intismeran autogene, combined with Keytruda, met both its primary endpoint of reducing melanoma recurrence and its secondary endpoint on distant metastasis in a Phase 3 trial.