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Happy Thursday. Stocks fell Thursday as Treasury yields reversed course from their sharp decline in the previous session following the Treasury Department’s announcement that it would increase its buybacks of long-dated government debt. The Treasury Department said it will more than double repurchases of 10-, 20- and 30-year debt over the next few months.
The 30-year Treasury yield had jumped to its highest level in nearly 20 years earlier this week. The decision helped spark a sharp rally across the cryptocurrency market, with Bitcoin (BTC) surging 11.5% to $71,808.74 in early trading. Meanwhile, President Donald Trump said on social media that he’s launching a “crushing economic operation” against Iran.