US Treasury to double buybacks of long-term government debt
Sharp sell-off in recent weeks has sent borrowing costs soaring
The Dow Jones Industrial Average climbed 230 points, or 0.4%, on Wednesday, as the U.S. Treasury announced plans to double its bond buybacks, driving long-term Treasury yields down. The S&P 500 and Nasdaq Composite both gained 0.4% each. The 30-year Treasury yield fell 9 basis points to 5.196%, while the 10-year note yield dropped 6 basis points to 4.647%.
The Treasury emphasized it has no intention to use the repurchases to curb market downturns. Moderna's stock surged over 80% after positive results from a late-stage cancer vaccine study. Marvell Technology shares jumped more than 12% following a partnership announcement with Google.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Dow rises 230 points after Treasury doubles bond buybacks finance.yahoo.com
