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Market Update: U.S. Stocks Rise

1 Mins read

U.S. stocks ended higher on Wednesday as yields on long government bonds eased, resulting in the best day for the S&P 500 in three weeks. The Dow Jones Industrial Index gained about 125 points, or 0.4%, finishing near 33,128. Although this boost failed to bring the blue-chip index into positive territory for the year, it came a day after its gains for 2023 were wiped out.

The S&P 500 index rose 0.8%, marking its largest daily climb since September 14. Meanwhile, the Nasdaq Composite Index shot up 1.4%. The surge in U.S. bond yields since late September has led to buyer reluctance and created market ripples. The Federal Reserve’s indication of higher rates for a longer duration to combat inflation initiated this sharp bond-market repricing.

On Wednesday, the 10-year Treasury yield fell 6.6 basis points to 4.735%, while the 30-year Treasury yield shed 6 basis points to 4.876%, after briefly surpassing 5% on Tuesday. Investors are closely monitoring political upheaval in Washington and the possibility of a November government shutdown. Additionally, the monthly jobs report for September, scheduled for release on Friday, is expected to show a cooling labor market with a steady 3.7% unemployment rate.

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