Stocks Rise after Bond Yields Drop
Los Angeles —
Wall Street stocks posted significant gains on Thursday following a decline in bond yields and increasing investor confidence about the future of interest rates.
The 10-year Treasury yield dropped to 4.668% after reaching over 5% last month.
Hope for no more Federal interest rate hikes surged after the Federal Reserve opted to keep interest rates Steady.
The Dow Jones Industrial Average rose 1.7% to 33,839.08 on its best day since June.
The S&P 500 climbed 1.89% to 4,317.78, posting its first back-to-back gains April while the tech-heavy Nasdaq Composite added 1.78% to 13,294.19.
The market anticipates interest rates to hold steady in December following comments from Chair Jerome Powell.
