Wall Street’s best week this year is getting even better following a cooler-than-expected report on the job market.
Wall Street’s best week of the year was getting even better Friday following a cooler-than-expected report on the job market. The Standard & Poor's 500 was 0.8% higher in morning trading and on track to rise every day this week. The Dow Jones industrial average was up 171 points, or 0.5%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 0.9% higher.
” Of course, this week’s sharp fall in Treasury yields could also end up hurting stock investors in the long run. Fed Chair Jerome Powell said this week that the central bank may not need to hike rates if the recent rise in yields stays “persistent.” Such high yields could slow the economy and push down on inflation by themselves, without requiring the Fed to hike rates again. A swift regression in Treasury yields could make the Fed more nervous and encourage it to consider raising rates again.
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