S&P 500 Erases 1% Slide as Dip Buyers Wade Back In: Markets Wrap

A renewed wave of dip buying fueled a rebound in stocks, with traders looking past the US credit downgrade by Moody’s Ratings that had earlier sent bond yields jumping. The dollar fell.

After a morning slide that topped 1%, the S&P 500 rose for a sixth straight day to close on the brink of a bull market. Several Wall Street strategists said any pullback could be a buying opportunity amid momentum fueled by the recent easing of global trade tensions. Treasuries also bounced across the curve, following a selloff that briefly drove 30-year yields above 5%.