Stocks revive after Trump talks payroll tax holiday

Stocks swing up again after President Trump tells GOP senators that he wants to waive the payroll until after the November election, so taxes don’t rise before voters decide whether he’ll keep his job, Bloomberg reports, citing three people familiare with the president’s remarks.

The Nasdaq rises 3.5%, the S&P 500 gains 3.4%, and the Dow increases 3.3% in late afternoon trading.

Treasurys slide on the news, pushing 10-year yield up 21 basis points to 0.78%.

Sen. Lindsay Graham (R-SC) said the reaction to the idea of waiving payroll taxes was “mixed.”

https://seekingalpha.com/news/3550257-stocks-revive-after-trump-talks-payroll-tax-holiday