The major stock indexes closed notably higher on Friday, marking the final trading day of July, as investors shrugged off rising bond yields and Amazon shares surged.
The Nasdaq Composite increased by 0.9%, while the S&P 500 gained 0.6%. The Dow Jones Industrial Average rose by 328 points, or 0.6%.
This week, the 30-year Treasury bond yield soared to its highest level since 2007, reaching around 5.26%. Meanwhile, the 10-year Treasury note yield climbed above 4.7%, its highest point since January 2025.
These developments occurred amid growing doubts about Fed Chairman Kevin Warsh’s commitment to fighting inflation, causing yields to jump. Although Warsh reaffirmed his dedication to combating inflation, he acknowledged, “We’ve got no magic wand.”
Source (CNBC)
