The stock market extended its powerful November rally ahead of Nvidia Corp.’s results, with Wall Street also breathing a sigh of relief as a $16 billion sale of 20-year Treasuries lured bond buyers.
Shortly after the auction results, US 10-year yields reversed course and fell to around 4.4%. The S&P 500 closed at the highest since August while the Nasdaq 100 hit a 22-month high. Both Nvidia and Microsoft Corp. climbed to fresh peaks amid a revival of the artificial-intelligence bid. In late trading, Zoom Video Communications Inc. rose on better-than-expected sales. The dollar dropped to an 11-week low.