ABX:CC - Investors Relieved Interest Rate Hikes May Have Stopped Stocks Spread Wings
Stocks gained Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.
The Dow Jones Industrials vaulted 279.21 points to 33,553.79.
The S&P 500 index progressed 49.19 points, or 1.2%, to 4,287.05.
The NASDAQ surged 143.35 points, or 1.1%, to 13,204.81.
Thursday's gains put the S&P 500 and Dow on track for their biggest weekly gain of the year.
The rally was broad-based, with all 11 S&P 500 sectors trading in positive territory. Gains were led by real estate, consumer discretionary and materials, each up by more than 1%.
Thursday's gains put the S&P 500 and Dow on track for their biggest weekly gain of the year.
The rally was broad-based, with all 11 S&P 500 sectors trading in positive territory. Gains were led by real estate, consumer discretionary and materials, each up by more than 1%.
Prices for the 10-year Treasury jumped, lowering yields to 4.66% from Wednesday's 4.76%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.27 to $81.71 U.S. a barrel.
Gold prices recouped $2.80 to $1,990.30.