Bond yields are finally pulling back, and the stock market is rallying in relief.
The Dow was up 713 points, or 1.7%, in Wednesday morning trading. The S&P 500 rose 1.7%. The Nasdaq Composite was up 2.3%.
The yield on the 10-year Treasury note, which had risen to its highest levels since 2023 in recent weeks, was back down to 4.65%. The 30-year yield was down to 4.86%.
