Bonds & Stocks
Wall Street traders kept driving a rotation out of tech companies, whose all-weather earnings made them safe bets at times of economic uncertainty, and into a broader category of firms tuned to improving growth prospects. Gold reclaimed its $5,000 mark.
Economy
The US Treasury refrained from any major shift in its debt-issuance strategy, meeting dealers’ expectations in the face of speculation that officials might take steps to bring down longer-term borrowing costs. In its so-called quarterly refunding statement Wednesday, the department said it anticipated keeping auction sizes unchanged for nominal notes, bonds and floating-rate notes.
World
The Russian government’s oil revenues collapsed to the lowest in more than five years in January as weaker global prices, steeper discounts for the nation’s barrels, and a stronger currency took a toll on the budget.