Stocks Climb, Oil Jumps as Treasury Yield Tops 3%: Markets Wrap

WTI crude surges above $71 a barrel after supply report
Emerging-market currencies give up gains for the year

Oksana Aranov, fixed income strategist at JPMorgan Asset Management, discusses the impact of a 3% 10-year yield.(Source: Bloomberg)

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By Sarah Ponczek

May 8, 2018 at 10:11 PM UTC

Updated on

May 9, 2018 at 8:02 PM UTC

This article is for subscribers only.

U.S. stocks advanced as energy shares rallied with oil on speculation crude supplies may not keep up with demand. Ten-year Treasury yields topped 3 percent.

West Texas oil climbed above $71 per barrel after an unexpected drop in U.S. stockpiles and as the market came to terms with President Donald Trump’s decision to withdraw from the Iran nuclear deal. Bank shares rallied as the 10-year yield spiked. Walmart Inc. weighed on the major gauges after its deal to buy a controlling stake in India’s biggest online seller was met with skepticism. A measure of emerging-market currencies erased its 2018 gains.