Highlights
A surprise announcement from the US Treasury that it would expand its buybacks on long-term Treasuries and the dip in market rates that followed helped stocks rise moderately Wednesday, with gains across most sectors. At 1:10 PM ET, the Dow Jones industrial average firmed 0.2 percent, the S&P 500 gained 0.3 percent, and the Nasdaq was up 0.2 percent. Bond yields retreated, oil rose, while the dollar was fell with lower interest rates.
Health care was the day’s big winner on favorable clinical news for Moderna. Home builders advanced on lower interest rates, as did restaurant chains, retailers, metals, paper, and chemicals. Lagging were chipmakers, banks, machinery, airlines, and machinery.
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