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The S&P 500 Increases as Treasury Yields Decline from 16-Year Highs

Following the release of considerably weaker-than-anticipated jobs statistics, the S&P 500 edged up a tiny bit on Wednesday as Treasury rates declined from multiyear highs.

With a 0.3% gain, the broad market index. In contrast to the Nasdaq Composite, which increased by 0.8%, the Dow Jones Industrial Average was close to flat.

The sector with the highest growth rate—more than 1%—was consumer discretionary. Adding 4% and 2.9%, respectively, Tesla and Norwegian Cruise Lines were the sector’s top gainers.

The worst-performing industry for the S&P 500 on Wednesday was energy. Due to the dip in oil prices, Marathon Petroleum, Valero Energy, and Phillips 66 all saw declines of more than 4%. Marathon Petroleum also saw a decline of more than 4%.

Following the announcement of new jobs data, Wednesday’s actions. ADP reported an increase in private payrolls of 89,000 last month. That’s far fewer than the upwardly revised 180,000 payroll additions from August and well below the Dow Jones prediction of 160,000.

On the back of the information, Treasury yields slightly declined from their 2007 highs. In recent trading, the yield on the 10-year Treasury was 4.745%.

Source (CNBC)

SourceCNBC
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