Stocks rallied and bond yields fell, with traders awaiting Jerome Powell’s keynote for clues on how much further the Federal Reserve will pump the brakes on the economy to bring inflation back under control.
The S&P 500 closed near session highs, trimming a selloff that knocked down the market earlier in the week. Following the slowest trading day of 2022 for US equities, volume was once again below average. Megacaps like Apple Inc. and Amazon.com Inc. jumped, though Tesla Inc. whipsawed as its stock split took effect. Treasury 10-year rates traded near 3%, while the dollar slipped.