Sliding Yields Recharge Stock Rally That Was Betting on Stimulus
- Lower bond yields boost growth stocks dominating U.S. market
- Traders are rotating to stocks that win without more stimulus
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Stock traders who once counted on a fiscal splurge under a Blue Wave Congress have kept their mojo thanks to a time-tested driver of the bull market: Cheap money.
As Treasuries surged, investing strategies riding near-zero interest rates got another shot in the arm -- helping money managers look past their dashed hopes for a massive stimulus under a unified Democratic government.