US Stocks Look to Halt Their 3-Day Slide as Pressure From the Bond Market Eases
NEW YORK (AP) — U.S. stocks are ticking higher Wednesday after the U.S. Treasury Department said it will buy more U.S. government bonds in a move that eased pressure on financial markets worldwide. Strong profit reports for the spring from Estee Lauder, Target and other U.S. companies are also helping to support the stock market. The S&P 500 rose 0.5% and is on track for its first gain in four days after setting its all-time high last week. The Dow Jones Industrial Average was up 169 points, or 0.3%, as of 12:03 p.m. Eastern time, and the Nasdaq composite was up 0.5%. But Treasury yields fell in the morning after the U.S. Treasury Department said it will at least double the size of its planned purchases of longer-term Treasurys from Sept. 9 through Nov. 4. The department said it’s doing so “to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants.” These longer-term 10- and 30-year Treasurys are less beholden to the Federal Reserve, which can raise …
