© Reuters.
Investing.com — The Dow closed higher Friday, as Treasury yields were pressured by growing expectations for sooner rate cuts even as Federal Reserve Chairman Jerome Powell warned against “premature” bets on rate cuts.
By 16:00 ET (21:00 GMT), the rose 294 points, or 0.8%, while the gained 0.6%, and the added 0.6%. The S&P 500 ended the day at 4,594.63, a closing high for the year, following a jump in November.
The gains followed stellar November performance for the major indexes, with the and registered their biggest monthly percentage increases since July 2022, while the soared to its best month since October 2022.
Treasury yields sidestep Powell’s attempt to pushback against rate cut bets
Treasury yields fells sharply, shrugging off Powell’s warning that it “would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease.”
The odds of a March cut jumped to 57.9% from 21.6% the prior week, according to Investing.com’s .
The yield on the 2-year Treasury, which is more sensitive to Fed policy, slumped 15 basis to 4.561%, its lowest level since June, while the…
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