Economics
Stocks Jump on China Rate Cut, Tech Earnings; Treasuries Fall
- Alphabet, Amazon, Microsoft shares add more than $80 billion
- PBOC cuts interest rates as central banks aim to revive growth
Inside China's Interest Rates Cuts
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Central banks reasserted their dominance over financial markets, with fresh stimulus from China adding to a rally in risk assets that has global equities on track for the best month in four years.
The Standard & Poor’s 500 Index erased its loss for the year as Google parent Alphabet Inc., Amazon.com Inc. and Microsoft Corp. added more than $80 billion in market value after earnings topped estimates. Emerging-nation stocks capped a fourth weekly gain as the People’s Bank of China cut interest rates a day after the European Central Bank signaled it will bolster stimulus if needed. Treasuries fell, pushing the 10-year yield to a two-week high, while the dollar is on its longest winning streak in 10 months.