The S&P 500 was 4.7% higher in afternoon trading, and the encouraging report also sent prices leaping in markets for everything from metals to European stocks.
NEW YORK — Stocks are bursting toward their best day in years Thursday as exhilaration sweeps Wall Street and financial markets worldwide after a report showed inflation in the United States slowed last month by even more than expected.
The yield on the 10-year Treasury, which helps set rates for mortgages and other loans, fell to 3.85% from 4.10% late Wednesday, which is a major move for the bond market. The two-year yield, which more closely tracks expectations for Fed action, dropped to 4.32% from 4.58%. Slower inflation could keep the Fed off the most aggressive path in raising interest rates. It's already raised its key rate to a range of 3.75% to 4%, up from virtually zero in March.
Tesla also rose nearly 6%, though it remains down by roughly half since CEO Elon Musk announced in April he was Twitter’s largest shareholder. Investors fled the electric vehicle maker on fears Musk would be distracted by Twitter, and he has sold over $19 billion of Tesla stock since then. Following Thursday's inflation report, traders increasingly shifted into bets for the Fed to raise rates by only 0.50 percentage points next month, instead of a bigger hike.
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