Stocks Eke Out a Weekly Gain as Banking Fears Ease: Markets Wrap
- Banks jump after earnings, shielding S&P 500 from steeper drop
- Treasury two-year yields surge, topping 4%; dollar climbs
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US stocks edged higher while bonds yields surged this week as worries about the banking sector abated and traders upped wagers that at least one more interest rate increase could be in store from the Federal Reserve this year.
The S&P 500 rose 0.8% this week even as policy-sensitive technology names like Microsoft Inc. and Apple Inc. dragged on the benchmark. The Nasdaq 100 managed to squeeze out a 0.1% gain as the tech-heavy gauge erased some of its Friday losses late in the session after swaps traders upped bets for a rate increase by June. Trading suggests a quarter point hike has better than three-in-four odds for May.