Thursday saw a small increase in the S&P 500 as Wall Street kept an eye on a crucial level for a closely observed bond yield and awaited remarks from Federal Reserve Chair Jerome Powell.
The Nasdaq Composite increased by 0.4%, while the broad market index rose by 0.2%. A little increase was seen in the Dow Jones Industrial Average.
The popular 5% threshold is getting closer as the benchmark 10-year Treasury yield reached a high of 4.983% on Thursday. In 2007, the yield last went over 5%.
For clues about the future of interest rates, traders will listen to Powell’s speech at noon ET. The steady ascent of Treasury yields has prompted concerns about how the central bank may conduct monetary policy, even while inflation data have been improving.
Weekly unemployment claims were below 200,000, a further indication of the economy’s resilience in the face of increased interest rates.
The newest earnings reports were also examined by investors.
Source (CNBC)
