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S&P 500 Increases As The Week Begins And Bond Yields Decline

The S&P 500 increased somewhat on Monday as Wall Street anticipated a week packed with economic data and the latest Federal Reserve speech.

The Nasdaq Composite increased 0.44% while the benchmark index increased by 0.3%. By 76 points, or 0.23%, the Dow Jones Industrial Average increased.

The decline in bond yields coincided with a rise in stock prices; most recently, the yield on the benchmark 10-year note fell by around 4 basis points to 3.924%.

Following Goldman Sachs’ introduction of coverage of the producer of the iPhone with a buy rating, Apple shares increased by more than 2%. The Nasdaq and the Dow both rose as a result of the gains.

The major averages had a good week, which has traders feeling optimistic. Last week, the Dow industrials increased 1.75%, snapping a four-week losing streak. The Nasdaq finished the week with a 2.58% increase, while the S&P 500 gained 1.90%.

These increases happened despite several moments last week when the yield on the benchmark 10-year Treasury note crossed the 4% psychological threshold. Consumer borrowing costs increase with an increase in the 10-year yield, and it may also indicate a decline in investor confidence.

Key triggers this week include Fed Chair Jerome Powell’s congressional testimony on Tuesday and Wednesday, who will inform markets and lawmakers on how the central bank is approaching inflation and its rate-hiking campaign moving forward.

Markets are also anticipating the February employment report on Friday after the economy gained 517,000 payrolls in January, according to the ground-breaking report. According to economists surveyed by Dow Jones, 225,000 new jobs were added last month.

Source (CNBC)

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