Tech Leads Stocks Higher as Stimulus Bets Increase: Markets Wrap
- Yen continues to strengthen; greenback declines for third day
- Traders look toward release of American nonfarm jobs data
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U.S. stocks advanced as investors ramped up bets that the Federal Reserve will cut rates this month to shore up an economy showing increasing signs of weakness. Treasuries rallied.
The S&P 500 rose the most in a month after roaring back from a drop of more than 1% sparked by the weakest reading on the services sector in three years. Odds the Federal Reserve cuts at its next meeting spiked as the data came just after the worst factory numbers in a decade. Investors are also finding their footing after the benchmark fell around 3% over the last two sessions, with one of the hardest hit sectors, tech, pacing gains.