US Stocks Rally; Treasury Curve Flattens on Fed: Markets Wrap
- Retail sales show U.S. consumer firm despite rising prices
- Powell says won’t hesitate to tighten above neutral if needed
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US stocks regained session highs as investors weighed comments from Federal Reserve Chair Jerome Powell on the outlook for higher interest rates. Short-term Treasuries underperformed, extending a flattening in the yield curve.
The S&P 500 rose to the highest closing level in more than a week amid a broad-based rally, as solid economic data boosted risk sentiment. The Nasdaq 100 jumped more than 2%, with Apple Inc., Tesla Inc. and Nvidia Corp. bouncing back from a tech-led selloff Monday.