Stocks Reverse Decline on Wednesday after Bond Sell-off Cools
Los Angeles —
Wall Street stocks recovered from steep losses Tuesday as Treasury yields halted their rise to 10-year highs following a better than expected jobs report.
The 10-year treasury yield pulled back slightly from its highest level since 2007, from 4.8% to 4.74%.
The Dow Jones Industrial Average rose 0.43% to 33,143.89 after a historic sell-off on Tuesday.
The S&P 500 was up 0.90% while the tech-heavy Nasdaq Composite inched up 1.45%. The moves come after the release of Wednesday’s new jobs data.
The ADP reported 89,000 new jobs added last month, well below forecasts and potentially forecasting a cooling labor market, which leaves many investors hopeful of a break in interest rates.
