Stocks Up Most Since June as Fed Bets Sink Yields: Markets Wrap
- US job openings decline to 8.83 million, lowest since 2021
- Crypto rallies as US court paves the way for first Bitcoin ETF
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Stocks climbed the most since June, while bond yields retreated after economic reports bolstered speculation the Federal Reserve is getting closer to wrapping up its aggressive tightening campaign.
Nearly 90% of the S&P 500 companies rose as the gauge closed just shy of 4,500. A rally in megacaps like Tesla Inc. and Nvidia Corp. sent the Nasdaq 100 up more than 2%. Treasury two-year yields sank 15 basis points to around 4.9%. The crypto space saw gains across the board as a US court ruling paved the way for the first Bitcoin exchange-traded fund. The world’s largest digital token jumped about 6%, Coinbase Global Inc. led the industry’s shares higher while the Grayscale Bitcoin Trust soared 17%.