Stocks have staged a furious rally since bottoming in late March, but bonds are still winning the race for returns this year. Despite a 47% rise since March 23, the S&P 500 is up just 2.1% in 2020. The Dow Jones Industrial Average is down 4.8% and the Russell 2000 index of small-capitalization stocks is off 12%. Only the Nasdaq Composite has managed a meaningful increase this year, up 22%, because of a surge in a handful of big technology stocks.
U.S. government-bond yields edged lower Thursday after mixed data on jobs and housing signaled an erratic economic rebound. The yield on the benchmark 10- year Treasury note recently traded at 0.668%, according to Tradeweb, down from 0.676% at Wednesday's close. Yields fall as bond prices rise.
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