Stocks Climb as Oil Wipes Out War-Fueled Surge: Markets Wrap
- US Treasury cuts quarterly borrowing estimate to $776 billion
- Yen gains on a news report the BOJ will lift yield cap
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Stocks rose, Treasuries fell and oil sank 3.8% as Israel’s ground incursion into Gaza appeared less extensive than investors had feared. The yen climbed on a news report the Bank of Japan may raise a cap on bond yields.
The S&P 500 added 1.2%, the most since August. Amazon.com Inc. led gains in the beaten-down megacap space, though Tesla Inc. bucked that trend — dropping almost 5%. Equities are still on track for their third monthly slump — the longest since March 2020. Ten-year US yields rose six basis points to 4.89%. The Treasury cut its estimate for federal borrowing in the quarter to $776 billion. The dollar dropped.