Nasdaq 100 Extends Rally as Treasury Yields Tumble: Markets Wrap
- Qualcomm’s outlook adds to signs that chip crunch is easing
- Traders trim bets on Fed hike after Bank of England shock
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As traders pared their bets on the pace of tightening by the Federal Reserve, stocks climbed to another record and bond yields slumped.
Technology and retail shares drove gains in the S&P 500, while the Nasdaq 100 extended its rally into a ninth straight day -- the longest winning run since December. A bullish outlook from chip giant Qualcomm Inc. added to signs the industry crunch is easing. Short-maturity U.S. Treasury yields sank as global investors reassessed the outlook for monetary policy after the Bank of England defied expectations by keeping rates on hold.