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(Bloomberg) -- The mortgage on former President Donald Trump’s Manhattan tower at 40 Wall St. has been transferred to a special servicer.Most Read from BloombergAn Opioid-Like Drink Is Masquerading As a Wholesome Alcohol AlternativeWorld’s Biggest Bank Has to Trade Via USB Stick After HackNew ‘Call of Duty’ Draws Harsh Reviews After Rushed DevelopmentTrump’s 40 Wall St. Loan Transferred to Special ServicerUS Credit-Rating Outlook Changed to Negative by Moody’sThe Financial District building has

"If we get a recession stocks have a different valuation, earnings look different. If we don't then we're probably in the context of a new early stage bull market here," he said.

The pullback in yields helped lift megacap growth names such as Microsoft, up 1.1%, Apple, up 1.5%, and Amazon, which gained 2.1% as the biggest boosts to both the S&P 500 and Nasdaq.

"Unless something in the economic data prompts it, you won't see them change their tone," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

"Today's move back into positive territory is on the growing consensus the Fed is more likely to hold off on any more rate hikes this year," said Greg Bassuk, chief executive of AXS Investments in New York.