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S&P 500 stabilizes after falling on concerns over rising US debt
The US stock index stabilized on Thursday, May 22nd, after falling during the previous trading session, when Treasury bond yields surged. At that moment, investors' fears that President Donald Trump's tax and spending bill would boost the national debt rose sharply.
If passed, the tax bill would add $3.8 trillion to the total US debt of $36.2 trillion over the next decade, causing anxiety in financial markets, the nonpartisan Congressional Budget Office stated.
Short-term bond yields are soaring amid these concerns, while 10-year bond yields are declining by 2 basis points to 4.57%.
A pause in tariffs, a temporary trade truce between the United States and China, along with subdued US inflation data pushed stocks higher. The S&P 500 index is up more than 15% from its April lows, but still remains about 3% below its record highs.
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