Stocks rally to session highs, with the S&P 500. Seven of the ten
sectors are up more than 5%. There does not appear to be a specific
news item to account for the surge.
Retailers (+7.8%) are showing notable strength. Target (TGT 36.51,
+3.82) is up 11.7%. Pershing Square Capital Management shared ideas
related to an alternative ownership structure related to Target's real
estate.
Meanwhile, Treasuries extend their declines. The 10-year note is down more than a point, to send its yield up to 3.81%.