Stocks Rise in Late Rally, Bonds Drop: Markets Wrap
- Swaps price two more points of Fed hikes by year-end
- Short-end of the Treasury curve bears brunt of selling
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U.S. stocks rose in a choppy day of trading as dip-buyers emerged in the final minutes of trading Friday. Treasuries fell, with the short end of the curve bearing the brunt of the selloff.
The S&P 500 ended the day up 0.5%, near highs of the day with the 1% swing Friday the smallest since Feb. 15. The Nasdaq 100 closed little changed. The yield on the two-year Treasury note, among the most sensitive to changes in interest rates, rose 14 basis points to 2.28%.