Wall Street Completes V-Shaped Rally as Bond Yields Soften

Oil prices jumped back into positive territory as well

Deputy Editor
Feb 15, 2024 at 4:23 PM
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Wall Street has turned it around in the latter half of the week, despite softer-than-expected retail sales data. Lower bond yields are helping fuel the fire, with the 10-year Treasury note shedding 3 basis points to 4.24% and the 2-year falling to 4.56%. The Dow scored an impressive 348-point win, while the S&P 500 reclaimed the 5,000 level, and the Nasdaq recorded a modest win. All three major indexes have now fully recouped the losses from Tuesday's sharp drawdown. 

Continue reading for more on today's market, including:

  • What dragged this cloud stock down from its peak.
  • Wall Street's biggest moving tech stocks today.
  • Plus, next week's news, and two stocks dinged by foggy forecasts.

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5 Things to Know Today

    1. A drastic but temporary overhaul of state and local deductions was defeated in the house. (MarketWatch)
    2. Here is who will qualify for the Biden administration's new student loan forgiveness program. (CNBC)
    3. The Fed's meeting minutes are one to watch next week.
    4. More on Yeti's abominable earnings report.
    5. Deere stock could suffer if optimism unwinds.

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    Oil Prices Move Higher Again

    Oil prices snapped back to positive territory Thursday, after supply anxieties tied to the Middle East. For the session, March-dated West Texas Intermediate Crude (WTI) added $1.39, or 1.8%, to finish at $78.03 per barrel.

    Lower Treasury yields and soft U.S. economic data pushed gold prices lower, with April-dated bullion lost $10.60, or 0.5%, to settle at $2,014.90 for the session.

     

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