US Stocks Snap Two Days of Losses; Yields Rise: Markets Wrap
- Atlanta Fed’s Raphael Bostic boosted sentiment on Thursday
- Focus now is on how much higher interest rates might go
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US stocks closed Thursday’s session higher, reversing course after Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank could be in a position to pause rate hikes sometime this summer. Treasuries dropped, with yields across the curve piercing 4%.
Traders ditched their low-conviction moves toward the middle of the trading day, pushing the S&P 500 to jump the most in more than two weeks. The Nasdaq 100 also climbed as investors considered Bostic’s comments somewhat dovish. Both indexes shrugged off the losses they suffered earlier after data signaled continued resilience in the labor market, supporting the case for the Fed to keep raising rates.