S&P 500 Rises Almost 2%; Apple Down in Late Hours: Markets Wrap
- Apple sinks on stagnant December-quarter sales outlook
- Traders await Friday’s jobs data for clues on Fed’s next steps
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Stocks climbed a day after the Federal Reserve hinted it may be done with hikes, with traders awaiting Friday’s jobs report. In late hours, Apple Inc. sank on a stagnant December-quarter sales outlook.
In a rally also fueled by oversold conditions and positioning, the S&P 500 added almost 2% — its best session since April. The market’s “fear gauge” — the VIX — fell below 16 and breached a key technical level. Long-term Treasuries outperformed, with 30-year yields down 13 basis points to 4.8%. The dollar dropped. The pound gained as the Bank of England pushed back on talk of rate cuts. Oil topped $82.