Stocks Rise on Aid Talks as Bonds Drop After Fed: Markets Wrap
- ‘Still talking and I think we’re gonna get there’: McConnell
- Fed makes no change to composition, pace of asset purchases
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Stocks rose on speculation that lawmakers are getting closer to a stimulus deal aimed at reviving the world’s largest economy. Treasuries fell as the Federal Reserve disappointed some traders who expected changes to the composition of bond purchases.
The S&P 500 notched back-to-back gains after Senate Majority Leader Mitch McConnell said talks about fresh aid are still ongoing and he thinks “we’re gonna get there.” Retailers and technology shares drove the advance in the benchmark gauge amid thin trading volume. The Nasdaq 100 outperformed, while the Dow Jones Industrial Average dropped. Treasuries pared some of its losses, with the yield on 10-year notes remaining below 1%. Bitcoin surpassed $20,000 for the first time.