Traders went risk-on Wednesday, with the S&P 500 on pace for its highest level since May. A surge in the Nasdaq 100 drove the tech-heavy gauge 20% above its June low.
The Cboe Volatility Index slumped below 20, a level last seen in April. The dollar fell against all of its Group-of-10 peers. Short-dated Treasury yields led the slide, with the two-year rate at one stage plummeting nearly 20 basis points to 3.07%.
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