As the Treasury intervenes to support bonds, stocks rise – US Market Wrap

Wall Street rebounded as the Treasury announced intentions to increase buybacks of longer-dated bonds, indicating that the US aims to reduce borrowing costs after yields reached multi-decade highs.
A rise in 30-year bonds lowered rates by 10 basis points to 5.19%. The majority of S&P 500 stocks climbed, while chipmakers sank. The dollar reached a three-month low. Bitcoin surged to its highest level since March as Trump urged Congress to enact a vital cryptocurrency measure while hosting industry executives at the White House.
Two weeks after announcing its planned buyback program for this quarter, the Treasury said that it is increasing, by at least double, the size of liquidity support buyback operations for securities ranging from 10- to 30-year maturities.
Marvell Technology has agreed to allow Alphabet’s Google to buy up to $12.2 billion in shares in exchange for chips.