Highlights
Stocks recovered from early losses to end mostly flat Thursday as the market seized on a Reuters report that the US and Iran were exploring a phased deal to pull back from their war and reopen the Strait of Hormuz. Oil prices still ended higher, bond yields gained again, and the dollar edged up with rising market interest rates.
Higher bond yields hurt stocks early in the day with markets reacting negatively to stronger than expected US economic reports that appear to increase prospects for Federal Rate increases. That factor continued to dampen risk appetite but appeared to be offset mostly by more hopeful Mideast headlines. Bonds remained under pressure after another disappointing US Treasury bond buyback that only totalled $4.0 billion.
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