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Stocks Advance as Yields Drop, as the Dow Tries to Recover from its Worst Day Since March

Stocks increased on Wednesday as Wall Street attempted to rebound from the severe losses experienced in the previous session, helped by a decrease in Treasury yields and a release of encouraging economic data.

67 points, or 0.2%, were added to the Dow Jones Industrial Average. The Nasdaq Composite rose 0.6%, and the S&P 500 increased by 0.4%.

After reaching its greatest levels since 2007, the benchmark 10-year Treasury yield decreased. A recent multiyear high in the 2-year Treasury yield was also broken.

The orders for durable goods increased 0.2% in August, the Commerce Department stated on Wednesday morning. That exceeded a 0.5% drop prediction made by Dow Jones.

Recent rate increases have put pressure on stocks as investors worry that the Federal Reserve may maintain its restrictive monetary policy for a longer period of time than anticipated. For the first time since June, the S&P 500 dropped below the crucial 4,300 level on Tuesday. Additionally, the Dow experienced its largest single-day loss since March, losing more than 300 points and closing below its 200-day moving average for the first time since May. These losses followed statistics on new home sales and consumer confidence that fell short of economists’ expectations.

Source (CNBC)

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