(Feb 25): Asian stocks looked set to rise after U.S. equities reversed losses on encouraging vaccine news and soothing comments on inflation from Federal Reserve Chairman Jerome Powell. Treasury yields jumped. Futures pointed higher in Japan, Australia and Hong Kong. Energy and industrial stocks led gains in the S&P 500 Index, offsetting weakness in tech shares. Banks advanced, sending an industry gauge to its highest since 2007, and small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid-19 vaccine is safe and effective.
A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, Economic Data
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U S futures steady as Treasuries slump; oil gains
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Stocks Rally as Powell Soothes Traders’ Nerves: Markets Wrap
Bloomberg 2/24/2021 Lu Wang and Kamaron Leach
(Bloomberg) U.S. equities reversed losses and staged a rally as Federal Reserve Chairman Jerome Powell reaffirmed his view that the economy needs support. Government bond yields climbed along with oil prices.
Energy and industrial companies led gains in the S&P 500 Index, offsetting weakness for tech stocks. Banks advanced, sending an industry gauge to its highest since 2007, and small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid-19 vaccine is safe and effective. Tesla Inc. gained after Ark Investment Management’s Cathie Wood said she bought shares during this week’s selloff. U.S. 10-year yields touched 1.43%, the highest since February 2020, before paring the increase.