Yield Relief Lifts Healthcare to a Record, Tech Lags Behind
The S&P 500 closed up 0.24% at 7,709.91 on Wednesday, ending a three-session losing streak, and the move had almost nothing to do with stocks. It had everything to do with a Treasury announcement. When the Treasury Department said it would double buyback operations for longer-dated bonds, the 30-year yield dropped 13.3 basis points, from Tuesday's 19-year high of 5.327% to 5.194%, and equities rallied because the single biggest source of valuation pressure eased for a day. That is a bond-market relief rally wearing an equity costume, and the sector mix underneath it is the real story.
Key Takeaways The S&P 500 rose 0.24% to 7,709.91 on Wednesday after the Treasury doubled long-bond buyback op…
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