Tech Powers Stocks as Adobe Surges in Late Trading: Markets Wrap
- US producer prices surprise with biggest decline since October
- French bond rout deepens, driving spreads to widest since 2017
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Stocks closed at a fresh all-time high as tech rallied, with Treasury yields sinking on bets the Federal Reserve will cut rates this year amid signs of disinflation.
Equities rebounded after a brief drop, with the S&P 500 notching a fourth straight record — its 29th this year. In late trading, Adobe Inc. soared on a strong outlook. Treasuries climbed, with 10-year yields breaking below 4.3%. A $22 billion sale of US 30-year bonds saw strong demand.