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Wall Street gains on falling yields and Moderna
The Dow Jones Industrial Average rose as a result of declines in U.S. Treasury yields, which dropped significantly following the announcement by the Treasury Department of increased purchases of long-term debt, especially bonds between 10 and 30 years. This supported stocks of companies that benefit from lower interest rates, such as Moderna, which saw a jump of over 140%—its largest daily gain ever—after the successful results of an experimental skin cancer vaccine. Simultaneously, shares of other companies like Merck, Marvel Technology, and Home Depot increased, while some tech stocks declined after disappointing results from OpenAI. Additionally, the Federal Reserve's meeting minutes indicated the possibility of raising interest rates if inflation does not decline, amid ongoing global market tensions and bond yields reaching their highest levels in several years.
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