S&P 500 Is Back to 5,200 as Traders Ride Momentum: Markets Wrap
- Treasuries rise as $25 billion sale of bonds sees good demand
- Initial jobless claims increase to highest level since August
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The stock market climbed to its highest level since early April, extending a rebound that’s been fueled by speculation the Federal Reserve will be able to cut interest rates this year.
Equities rose as higher-than-estimated jobless claims reinforced bets on US policy easing — with the market extending gains after a $25 billion sale of 30-year bonds saw good demand. The S&P 500 topped 5,200 amid below-average volume. The advance in stocks has also been attributed to Commodity Trading Advisors — who surf momentum — being modeled to buy shares this week.