Pre-market trading in equity benchmarks pointed to solid gains to start trade in March, with some strategists attributing the enthusiasm to a cool-down in the rapid rise in bond yields that had unsettled the bullish mood on Wall Street last week.
Monday’s early moves higher were being attributed to a pullback in bond yields, which were arguably occurring at the same time that yields should be extending their gains, with new vaccines and more stimulus pointing to a sharp improvement in the U.S. from out of virus-induced recession. Also over the weekend, the House passed the Biden administration’s $1.9 trillion COVID relief bill, which must be considered by the Senate. Some lawmakers are aiming finish the aid package before March 14, when some federal unemployment assistance expires.
“This is most likely the end of this temper tantrum and presents opportunities for investors faced with dislocated markets,” he wrote in a Monday research note.
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