Stocks Hit Fresh Highs as Weak Data Sink US Yields: Markets Wrap
- Fed sought more evidence of cooling inflation: June minutes
- US services activity contracts at fastest pace in four years
Wall Street traders sent stocks higher as bonds yields fell after a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to start cutting rates this year.
In a shortened session ahead of the US holiday, the S&P 500 hit an all-time high on bets lower rates will keep fueling Corporate America. Treasuries climbed across the curve. The dollar remained lower after minutes from the June Fed policy gathering showed officials were awaiting evidence that inflation is cooling and were divided on how long to keep rates elevated.