Stocks closed higher as pressure relaxed on Wall Street from the bond market. The S&P 500 rose 0.5% Tuesday.
Some of the strongest action was in the bond market, where Treasury yields eased after trading resumed following a holiday on Monday. It was the first opportunity for yields to move since the weekend’s surprise attack by Hamas on Israel injected caution into global markets. High rates and longer-term yields knock down prices for stocks and other investments, while slowing the economy in hopes of undercutting high inflation.
The Fed's next announcement on interest rates is due Nov. 1. Traders are now betting on a nearly 73% chance that the year will end without any more Fed rate hikes, according to data from CME Group. That's up from the 53% chance seen a week ago.
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