US stocks rose on Wednesday, snapping a three-day losing streak, after the US Treasury Department said it would increase its buybacks of long-dated government debt, leading yields to pull back sharply.
The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) both gained 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) also roughly put on 0.2%.
In individual stocks, Moderna (MRNA) shares surged 176% after the company reported positive results from its late-stage trial of a melanoma vaccine developed with Merck (MRK).
Stocks gained momentum after Treasury yields eased from their highest levels in years. Bond prices, which move inversely to yields, rallied after the US Treasury Department said it would increase buybacks of long-dated government debt "by at least double" for securities from the 10-year to 30-year sector.
The 10-year yield (^TNX) fell by 5 basis points to 4.65%, while the 30-year yield (^TYX) declined by 9 basis points to 5.19% after hitting its highest level since 2007 earlier this week.
#stocks #buybacks #long #dated
The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) both gained 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) also roughly put on 0.2%.
In individual stocks, Moderna (MRNA) shares surged 176% after the company reported positive results from its late-stage trial of a melanoma vaccine developed with Merck (MRK).
Stocks gained momentum after Treasury yields eased from their highest levels in years. Bond prices, which move inversely to yields, rallied after the US Treasury Department said it would increase buybacks of long-dated government debt "by at least double" for securities from the 10-year to 30-year sector.
The 10-year yield (^TNX) fell by 5 basis points to 4.65%, while the 30-year yield (^TYX) declined by 9 basis points to 5.19% after hitting its highest level since 2007 earlier this week.
#stocks #buybacks #long #dated
5 hours ago
