The Dow rose 70 points, and the Nasdaq composite was up 0.3%. The flashpoint for the stock market’s movements in both directions has been what the bond market is doing, and it was regressing a bit Monday following its own extreme moves. The yield on the 10-year Treasury rose to 4.61%. The yield briefly topped 5% last month.Wall Street was slow to gain traction early Monday as earnings season begins to wind down and little economic data out of Washington this week on inflation or U.S. employment.
Also, the Israeli military announced late Sunday that it had encircled Gaza City and cut the besieged coastal strip in two almost a month into the deepening conflict. In Asia, stocks surged Monday after Wall Street benchmarks were buoyed last week by hopes for early interest rate cuts. The Bank of Japan is gradually moving towards tightening its monetary policy as the central bank’s head stated on Monday that the country has made progress toward reaching its inflation target. But BOJ Gov. Kazuo Ueda said Monday that the change was not sufficient for raising its near zero interest rate stance.
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