The Treasury market's fall rout eased Wednesday, dragging down Treasury yields and allowing stocks to regain their composure after a sharp sell-off that began in the fourth quarter.
The S&P 500 swung between gains and losses for much of Wednesday before closing 0.8% higher. The Dow is up 127.17 points, or 0.4%. The tech-heavy Nasdaq Composite Index rose about 1.4 percent, accelerating gains in the final hour of the trading day.
This week, a sharp sell-off in Treasurys sparked market turmoil, sending the Dow down for the year and sending stocks from technology to real estate down. A sharp sell-off in government bonds around the world continued early Wednesday before easing, helping to stabilize stocks.
The yield on the 30-year Treasury bond briefly topped 5 per cent, while Germany's 10-year bund hit 3 per cent for the first time in 12 years. Treasury prices rebounded later in the day, with yields on the two - to 30-year note moving lower. The yield on the 10-year Treasury note fell to 4.735 per cent, its biggest one-day drop in more than a month.



Technology and consumer discretionary stocks such as Tesla Inc. (TSLA) and Google parent Alphabet Inc. (GOOGL) drove stocks higher Wednesday. Meanwhile, a sharp drop in oil prices boosted shares of several cruise lines and airlines, while dragging down energy stocks.
Energy stocks in the S&P 500 fell 3.4%, with Devon Energy Co. (DVN), Marathon Oil Corp. (MRO) and Schlumberger (SLB) among the worst performers.
Wednesday's decline extended a downturn in energy stocks in October. Energy stocks are down about 5.2 percent so far this month and about 2.2 percent so far this year.
Brent crude futures fell 5.6 per cent, their biggest one-day drop since July 2022.