New York stocks rose on lower Treasury yields and low buying.
As of 10:19 am at the New York Stock Exchange (NYSE) on the 17th (Eastern Time), the Dow Jones Industrial Average recorded 30,242.80, up 607.97 points (2.05%) from the previous field.
The Standard & Poor’s (S&P) 500 index rose 102.65 points (2.86%) to 3,685.72, and the Nasdaq index, centered on technology stocks, jumped 350.07 points (3.39%) to 10,671.46, up from the battlefield.
Investors paid attention to the decline in US Treasury yields and stability in the UK financial market.
As the US Treasury yield fell along with the UK Treasury yield on news from the UK, anxiety in the stock market eased somewhat.
The 10-year U.S. Treasury yield fell below 4%, trading at 3.943%, down 8bp from the previous day.
The two-year bond yield, which is sensitive to monetary policy, fell by 8 basis points to 4.430%.
As the UK government withdrew most of its tax cuts on September 23, UK government bond yields plummeted and the pound surged.
In the meantime, the unrest in the UK financial market has been cited as an example of financial market instability caused by the aggressive tightening of central banks in each country, thus fueling market instability.
Companies’ 3Q earnings were better than expected, contributing to boosting stock prices.
Bank of America’s share price rose more than 6% on the day following announcing better-than-expected net income and operating income on an increase in interest income and bond income.
Bank of New York Mellon also reported better-than-expected earnings, so its stock rose more than 6%.
This week, earnings from companies such as Netflix, Tesla, IBM, Johnson & Johnson, United Airlines, AT&T, Verizon and P&G are released.
Economic indicators came out sluggish.
The Empire State Manufacturing Index, which shows New York State’s manufacturing economy, recorded minus 9.1 in October, down 7.6 points from the previous month.
This is the third straight month of negative territory, suggesting that the economy is in a contraction phase.
Mark Zandi, Moody’s Analytics economist, forecasts inflation to halve in six months.
He also predicted that the Fed would stop raising interest rates this winter at 4.5% or 4.75% and look at the economy.
Investment firm Oppenheimer cut its year-end forecast for the S&P 500 to 4,000 from 4,800.
The new target is 12% higher than Friday’s closing price.
New York stock market experts said a rebound might be imminent.
Mark Hackett, chief analyst at Nationwide, told CNBC: “The market has attempted several rebounds in the past few weeks, all of which have failed. “It’s crazy that it’s imminent,” he said.
He said institutional investors remain on hold, but individual investors have posted net inflows for the seventh week in a row and are buying at low prices.
European stocks rose all at once.
Germany’s DAX index rose 2.09%, while the UK FTSE index rose 1.29%.
France’s CAC index rose 2.09%.
The pan-European STOXX600 index is up 2.06%.
International oil prices rose.
The price of West Texas Intermediate (WTI) for November contract rose 1.37% to $86.75 a barrel, and the price of Brent for December contract rose 1.33% to $92.85 a barrel.
/yunhap news
