U.S. stocks rose as upbeat earnings allayed fears of a recession in the world’s largest economy. A selloff in Treasuries resumed, further fueling the debate around whether inflation is peaking.
The S&P 500 gained with all but two of the 11 main industry groups advancing. The tech-heavy Nasdaq 100 outperformed major benchmarks, with Tesla Inc. leading gains after posting record profits that blew past estimates. Airlines rallied as American Airlines Group Inc. said corporate and international flying was coming back and projected a second-quarter profit.
The 10-year Treasury yield added 8 basis points. Bond bears returned after Wednesday’s rally in Treasuries stoked by some investors including Bank of America Corp. and Nomura Asset Management who said the panic over inflation and rate-hike bets had gone too far.
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