Stocks rose Monday, finding support from a pullback in Treasury yields, before investors hear from Federal Reserve Chairman Jerome Powell on Tuesday.after Goldman Sachs reportedly recommended buying shares of the tech behemoth. The S&P 500 alongside the Nasdaq Composite and the Dow Jones Industrial Average finished higher last week.
Stocks found relief Monday and Friday as bond yields backed away from recent highs, including the 10-year Treasury yield moving under 4%. It reached that level last week for the first time since November as investors continued to price in a higher-for-longer scenario from the Federal Reserve on its benchmark interest rate.
"We could see further upside if the US dollar and interest rates continue their fall from Friday with next resistance for the S&P 500 at 4150 under such conditions," Morgan Stanley's chief US equity strategist Mike Wilson wrote Monday.
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