Stock Market Today: Stocks Land a Win on Turnaround Tuesday

Stocks looked poised to extend their daily losing streak Tuesday, trading lower near the open after a surprise move by the Bank of Japan (BoJ). However, they moved higher by mid-morning as bargain hunters swooped in. Following four days in which the major market indexes notched losses ranging from 4% to more than 6%, they finally managed a win today.

It wasn’t an easy win, though. Stocks initially reacted negatively after the Bank of Japan said it will let the yield on its 10-year government bond reach 0.5% – double the previous cap of 0.25%. Although the central bank left its short-term rate at negative 0.1%, today’s move left many wondering if the BoJ, known for its ultra-loose monetary policy, could be ready to follow in the footsteps of its global counterparts and begin to hike interest rates in order to combat inflation.

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