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Stocks End Well Off Lows With S&P 500 Above 3,900: Markets Wrap

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Stocks trimmed losses from nearly oversold levels, while bond yields soared on bets the Federal Reserve will stay hawkish as it confronts the hottest inflation in about four decades.

After exhausting gyrations, the S&P 500 managed to close slightly above 3,900 -- a threshold seen by some technical analysts as a make-or-break level for short-term direction. Treasuries tumbled across the curve, taking the 30-year rate to the highest since 2014. The Bloomberg Dollar Spot Index rose to another record, while the Japanese yen hit a fresh 24-year low.