U.S. stocks finished modestly higher on Thursday after Treasury yields reversed part of an earlier surge that had pushed the 10-year yield to its highest level in 24 years.
The S&P 500 rose about 0.2%, ending a three-session losing streak. The Dow Jones Industrial Average and Nasdaq Composite also closed slightly higher as technology shares helped offset pressure from elevated borrowing costs.
Bond reversal changed the tone
The 10-year Treasury yield climbed as high as roughly 5.34% before falling back toward 5.23%. That retreat eased some of the immediate pressure on equity valuations, particularly in rate-sensitive growth stocks.
Micron gained after strong results, while Accenture also rose sharply following better-than-expected earnings. Energy prices remained another source of volatility, with Brent crude trading above $100 a barrel.
Fed expectations shift again
Comments from Federal Reserve officials helped reduce expectations for an immediate additional rate increase. Investors are now focused on the upcoming U.S. employment report for the next major signal on growth and inflation.
Despite Thursday’s gains, the week’s broader market performance remained negative, reflecting continued uncertainty around yields, oil prices and corporate financing conditions.
Sources: Reuters global markets coverage; Associated Press; Wall Street Journal market data.
