Thursday, February 22, 2024
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Despite Treasury Yields Falling from Multi-Year Highs, Stocks Increase

Stocks increased on Thursday as traders kept an eye on Treasury yields and Wall Street attempted to recover some of its significant losses from this month.

A gain of 56 points, or 0.2%, was seen in the Dow Jones Industrial Average. The Dow had risen more than 200 points by session’s end. The Nasdaq Composite increased by 0.8% and the S&P 500 gained 0.5%, momentarily trading back above the crucial 4,300 barrier.

Thanks to a 2% increase in Meta Platforms, the communication services sector increased by 1.2% to lead the S&P 500 higher. The Dow was boosted by gains from Intel and Cisco Systems of 1.6% and 1.4%, respectively.

“The pressure to sell is just a tiny bit lessened for you. Without a significant catalyst, it’s typically difficult to maintain such movement in one direction, according to Ross Mayfield, an investment strategy analyst at Baird. “Even against the kind of more negative backdrop, this little bit of a pause, perhaps a slight downtime, shouldn’t be unexpected.”

As Treasury yields declined from multiyear highs, the major averages gained ground. Rising yields and the possibility of longer-than-expected Federal Reserve interest rate increases have recently been a problem for stocks.

Source (CNBC)

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