Wall St rises as yields ease, Moderna lifts health-care stocks
The Dow Jones Industrial Average rose 119.65 points, or 0.22 per cent, to 53,463.05.
On August 19, US stock market indexes closed slightly higher as government bond yields eased, boosting risk appetites. The rally was driven by a dramatic increase in Moderna's shares, which led gains in the healthcare sector. Investors showed little reaction to minutes from the Federal Reserve's July meeting, which indicated concerns over inflation and the potential need for interest rate hikes.
Despite the Treasury announcing a doubling of liquidity support buyback operations for long-dated bonds, the 30-year and 10-year Treasury yields dropped. This came as the government support alleviated concerns over ballooning debt and rising inflation. However, equity indexes pared gains as the trading day continued.
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