Stock investors see green light in falling Treasury yields

© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York City, U.S., October 27, 2023. REUTERS/Brendan McDermid/File Photo

Over much of the last week, however, that dynamic has reversed, following news of smaller than expected U.S. government borrowing and signs that the Federal Reserve is nearing the end of its rate hiking cycle. Draho expects the S&P 500 to trade between 4,200 and 4,600 until investors determine whether the economy will be able to avoid a recession. The index was recently around 4,365.

"We had an extremely oversold market in the midst of a strong economy, and the Fed coming out a little more dovish was the kindling we needed for a rally," said Ryan Detrick, chief market strategist at Carson Investment Research, who believes the current rebound in stocks will take them past their July high.

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