Stocks Rally as Falling Crude Prices Knock Bond Yields Lower

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Summary · why it matters

The S&P 500 rose 0.72 percent as falling crude oil prices pushed bond yields lower and lifted rate-sensitive sectors. WTI crude tumbled more than 4 percent to a three-and-a-half-month low, dragging the 10-year Treasury yield down 8 basis points to a six-week low of 4.41 percent. Homebuilders surged after Congress passed the 21st Century Road to Housing Act, with KB Home up more than 16 percent, while airlines and cruise operators gained on lower fuel costs. The rally was tempered by an unexpected 7.3 percent drop in May new home sales to a four-month low of 580,000 and sharp declines in mining and energy shares as commodity prices fell.

Impact on assets 48

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KB Home
KBH
▲ PositiveRegulationrelevance

Congress passed the 21st Century Road to Housing Act, boosting homebuilders.

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