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.
U S stocks slump as yields surge on reflation bet
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U S Stock Futures, Bonds Steady; Hang Seng Slumps: Markets Wrap
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