Stocks Rally on U.S. Virus Spending, Stimulus Bets: Markets Wrap
- Benchmark Treasury yield pushes back above 1%; dollar advances
- Some investors doubt Fed rate cut alone can prop up growth
This article is for subscribers only.
U.S. stocks surged to the second 4% rally in three days after Congress authorized nearly $8 billion for virus prevention and investors warmed to Joe Biden’s ascendant candidacy. Treasuries fell for just the second time in 10 days.
The S&P 500 surged into the close, nearly matching Monday’s rally that was the best in 14 months. Health-care firms led the spike, rising the most since November 2008 as the weak performance in Tuesday’s primaries by Bernie Sanders dented the threat of policies that would upend the industry.