US Treasuries rallied after another batch of economic data fell short of expectations, ratcheting up recession worries. American equities advanced as the decline in yields made stocks relatively more attractive.
The S&P 500 ended almost 1% higher after waffling throughout the day, and is now up more than 3% in the past three days. The tech-heavy Nasdaq 100, whose members have been more sensitive to the rise in bond yields, jumped 1.5%. The 10-year yield fell back below 3.10% just nine days after spiking to within a whisker of 3.50%. Commodities from oil to copper remained under pressure as signs of waning demand mounted.