Stocks Hit Highs, Bonds Crash After Pivot Powell: Markets Coil – Bloomberg
The record rally in US stocks continued and bond yields surged after Jerome Powell reiterated the Federal Reserve will remain dovish. The dollar fell from a two-year low.
The S&P 500 hit a record high for a fifth day. The Nasdaq Composite also set a record before closing in the red. The yield premium demanded by investors on long-term U.S. debt versus short-term notes rose to a maximum in…