Lola Evans
24 Jun 2022, 06:11 GMT+10
NEW YORK, New York - A softening of bond yields Thursday helped to underpin U.S. stock prices.
"What we're seeing here is a stock market trying to absorb the Fed's tightening and basically trying to put in a low in a bear market," Peter Cardillo, chief market economist at Spartan Capital Securities in New York told Reuters news agency Thursday.
"We have yields that are coming down, and so that's helping stocks. The market has discounted a lot, and yesterday Powell basically acknowledged they're going to do everything to fight inflation... for now, the market has probably discounted somewhat of a mild recession," Cardillo said.
Technology stocks led the charge Thursday with the Nasdaq Composite surging 179.11 points or 1.62 percent to 11,237.19.
The Dow Jones industrials climbed 194.23 points or 0.64 percent to 30,677.31.
The Standard and Poor's 500 advanced 35.84 points or 0.95 percent to 3,795.73.
The U.S. dollar which rallied during the Asian trading zone, retreated in European and U.S. trading as bond yields eased.
The euro firmed up to 1.0526 around the New York close Thursday. The British pound perked up to 1.2269. The Japanese yen rose to 134.94. The Swiss franc was stronger at 0.9605.
The Canadian dollar edged up to 1.2985. The Australian dollar firmed to 0.6901. The New Zealand dollar strengthened to 0.6288.
On overseas equity markets, the FTSE 100 in London declined 0.97 percent. The Greman Dax was off 1.76 percent. The CAC 40 in Paris, France dropped 0.56 percent.
In Asia, China's Shanghai Composite did best, rising 52.95 points or 1.62 percent to 3,320.15.
In New Zealand, the S&P/NZX 50 climbed 135.23 points or 1.27 percent to 10,813.92.
The Australian All Ordinaries added 9.10 points or 0.14 percent to 6,691.40.
The Hang Seng in Hong Kong added 265.53 points or 1.26 percent to 21,273.87.
In South Korea, the Kospi Composite, going against the regional trend, fell 28.49 points or 1.22 percent to 2,314.32.
Get a daily dose of Germany Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Germany Sun.
More InformationDUBLIN, Ireland: Manufacturing in Ireland has declined for the first time in over one year, according to a June report ...
GENEVA, Switzerland: Swiss pharmaceutical group Novartis has said, as part of its previously announced restructuring program, that it could cut ...
Schloss Elmau [Germany], July 2 (ANI): Prime Minister Narendra Modi has a clear message for the world's richest nations comprising ...
A ceasefire in Ukraine instead of anti-Russia sanctions could help tackle rising prices, Hungarian PM Viktor Orban has saidA ceasefire ...
New Delhi [India], July 2 (ANI): India's retail inflation during the financial year FY22-23 is expected to average at 6.8 ...
Kabul [Afghanistan], July 2 (ANI): Due to the displacement of Afghans back to the country by the Taliban, up to ...
WASHINGTON D.C.: U.S. Commerce Secretary Gina Raimondo has said that since the U.S. and its allies imposed sanctions on Moscow ...
LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...
BERLIN, Germany: A German Interior Ministry spokesperson has said that in a bid to relieve airports overwhelmed by staff shortages ...
PARIS, France: In a written statement made this week confirming a report from broadcaster RTL, France's energy ministry said the ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
JAKARTA, Indonesia: Indonesian President Joko Widodo has said that he will urge his Russian and Ukrainian counterparts to open peace ...