"Recap June 4"

Remarks from Fed chairman Jerome Powell that the FOMC “will act as appropriate to sustain the expansion” helped spur a steep rally in stocks, as the S&P 500 gained 2% and the tech-heavy NYSE FANG+ Index enjoyed a 4% rebound.  But Treasury yields also jumped across the curve after a sharp recent rally, perhaps suggesting that today’s action was more of a bounce off recent moves than a sea-change in investor perception.