The S&P rose 5.9%, the largest weekly leap since November 2022. The same for the Nasdaq composite index which rose, 5.2%.The real key to the rally was the sharp decline last week of long-term interest rates — the yield on the 10-year Treasury note — which plunged from almost 5% to 4.5%, a massive move in the typically staid bond markets.
— especially last year when a surge in rates clobbered stocks — bond yields have been the single most important key to understanding the stock market in recent years.Stocks, which had been up nearly 20% earlier in the year, and saw those gains shrink to just 7% late last month, are now up 13.5% in 2023.For the good times to keep rolling, the market will be watching the U.S. government's auction of 10-year Treasury notes on Wednesday.
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