Wall Street kicked off March with a broad rally Monday that sent the Dow Jones industrial average more than 600 points higher and gave the Standard & Poor’s 500 its best day in nine months.
Higher interest rates can slow the economy and discourage borrowing, so Wall Street gets jittery when there’s a big surge in rates.The S&P 500 rose 90.67 points to 3,901.82, its biggest single-day gain since June 5. The Dow gained 603.14 points, or about 2%, to 31,535.51. The tech-heavy Nasdaq composite climbed 396.48 points, or 3%, to 13,588.83.
Bond yields, which can influence rates on mortgages and many other kinds of loans, have been steadily climbing this year, as investors bet that vaccination efforts and more government stimulus will lead to strong economic growth this year. However, along with strong economic growth comes concerns of inflation.
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