U.S. equities retreated after the Treasury’s debt buyback announcement failed to sustain momentum in major indexes.
U.S. stocks closed lower on Thursday, reversing gains from the prior session when the Treasury Department announced plans to double its buyback program for long-term government debt. The Dow fell 1.3%, leading declines among major averages as investor enthusiasm waned.
The pullback followed a brief rally after the Treasury’s move, which aimed to improve liquidity in the bond market. Analysts had expected a more sustained uptick, but trading volumes remained subdued amid mixed economic signals.
No immediate market reaction was reported beyond the index declines, though futures suggested cautious sentiment ahead of Friday’s session.