Business Maverick: Stocks Rise to Record as 10-Year Yield Hits 2%: Markets Wrap

The S&P 500 opened at an all-time high, spurred by speculation the Federal Reserve will cut rates soon enough to avert an economic slump. The benchmark retreated after President Donald Trump hinted at possible retaliation for Iran shooting down a U.S. drone, only to rebound and close above the previous high set on April 30. Energy shares led the gain as crude surged more than 5%. The Cboe Volatility Index rose above 15.

“In the big scheme of things, it’s a concern because it creates uncertainty,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. “From a longer-term perspective, we’d think that any issues would get resolved diplomatically.”

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