Market Highlights

A solid sale of long-term Treasuries reduced fears that spiraling deficits are causing investors to shun the bonds, with the market also gaining as soft inflation fueled bets the Federal Reserve will cut rates should the economy decelerate. The dollar hit a three-year low. Stocks rose. US 30-year yields approached the 4.8% mark after the $22 billion auction. The S&P 500 closed at the highest since Feb. 20, ending at a striking distance of its all-time high. Oracle Corp. climbed to a record on a strong sales outlook. Geopolitical worries briefly weighed on equities as ABC News reported Israel is considering military action against Iran. Oil pared most of its losses. Crude oil jumped the most in more than three years, stocks slid and haven assets including government bonds and gold rose after Israel attacked Iran’s nuclear program sites in a major escalation of tensions in the Middle East.