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S&P 500 rebounds as yields climb and tariff refunds lift retailers
The S&P 500 added 0.4% on Friday, while the 10-year Treasury yield rose to 4.73% from 4.69% late Thursday.
U.S. stocks rose Friday, trimming losses from a shaky week, even as the bond market stayed volatile and continued to weigh on sentiment, according to AP. The S&P 500 climbed 0.4% for only its second gain in six days since it set an all-time high last week.
The Dow Jones Industrial Average jumped 517 points, or 1%, and the Nasdaq composite rose 0.4%, with Ross Stores helping lead the advance after reporting stronger quarterly profit and revenue than analysts expected. The off-price retailer attributed the results to increased new customer activity and more interest from existing customers, and it also benefited from refunds on tariffs, CEO Jim Conroy said.
Broader expectations for ongoing profit growth were supported by a preliminary S&P Global report suggesting growth in U.S. business activity hit a 52-month high. Still, the main driver for stock valuations, interest rates, has been more unstable, with Treasury yields rising after earlier moves by the U.S. Treasury Department to repurchase more government bonds.
On Friday, the 10-year Treasury yield rose to 4.73% from 4.69% late Thursday, and the 30-year yield moved higher and is near its highest level since 2007. AP said uncertainty around when war conditions involving Iran will allow oil tankers to exit the Persian Gulf freely has pushed oil higher, which can raise inflation concerns and pressure Treasuries.
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