Stocks See Late-Day Rebound After Unnerving Twists: Markets Wrap
- Benchmark Treasury 10-year yield is hovering near 3.5% level
- US high-grade bond sales stall as the cost to sell debt spikes
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Stocks pushed higher in the final hour of New York trading, with a rally in megacaps like Apple Inc. and Tesla Inc. driving a rebound that followed the worst weekly rout for the market since mid-June.
Major equity benchmarks had a tough time finding direction Monday as traders geared for another super-sized US rate increase amid fears on whether the Federal Reserve could overtighten and raise the odds of a hard landing. Treasury 10-year yields hovered near 3.5% while the two-year rate, which is more sensitive to imminent policy moves, hit the highest since 2007.