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U.S. stocks climb amid bond buybacks
U.S. stocks rose following the announcement by the Treasury Department of an increase in buybacks of long-term debt, doubling the amount from $1 billion to $4 billion. This led to a decrease in 30-year Treasury bond yields to 5.196% and 10-year yields to 4.647%. At the same time, shares of technology and pharmaceutical companies advanced, especially Moderna, which saw a gain of over 90% after positive results from melanoma vaccine trials, and Merck, which rose by more than 7%. Marvel Technology’s shares also surged by over 12% following a partnership with Google. Investors are expected to focus on the FOMC meeting minutes scheduled for release, particularly as its members remain divided over whether to raise interest rates.
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