Stock Rally Hits a Wall as Economic Headwinds Loom: Markets Wrap
- Traders await Powell’s testimony to Congress and jobs figures
- Treasury yields come back higher, adding pressure to market
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The stock market failed to gain traction on speculation that a recent rally has probably gotten overdone as economic risks linger.
It’s not that investors were brimming with confidence at the start of trading, but the S&P 500 managed to climb almost 1% at one point. Those gains, which followed the best week for equities in a month, waned throughout the session — with a rise in Treasury yields bringing an additional layer of pressure.