S&P 500 at Record’s Door as Rally With Bonds Rewrites History
- Stocks surge and briefly top a 13-month-old high water mark
- Yields on 10-year Treasuries also flirt with a record low
Pedestrians walk past the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, July 5, 2016. U.S. stocks slipped, tracking declines in European markets amid simmering concerns that Britain's exit from the European Union will further weigh on tepid global growth.
Photographer: Michael Nagle/BloombergThat U.S. stocks were able to erase their Brexit trauma and pull within inches of a record Friday was impressive enough. That they did it on a day bond yields were flirting with all-time lows is unprecedented.
Shares tracked by the S&P 500 Index briefly rose above a closing high that has stood for 13 months, helped along by the strongest employment report since October. At the same time, yields on 10-year Treasuries slid within mere basis points of their all-time intraday low set this week.