Markets, Tesla Rise in Musk-Trump Spat Aftermath

Stocks closed at their highest mark since February on Friday with a 1% advance in the S&P 500 driving the gauge to 6,000. All major industries climbed and dip buyers flocked to Tesla, which jumped more than 3.8% in the aftermath of its co-founder’s (and the stock’s) very public meltdown yesterday. Treasuries dropped across the curve with two-year yields topping 4%. Money markets trimmed bets that the US Federal Reserve will cut interest rates this year. Interest-rate swaps showed traders now see a roughly 70% chance of a quarter-point rate cut by September, compared with a probability of about 90% on Thursday. The amount of easing priced in for the year declined to about 43 basis points, fewer than two quarter-point cuts. Here’s your markets wrap.