Stocks Rally as Data Show US Economy Is Holding Up: Markets Wrap
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Stocks climbed and bonds tumbled as data on retail spending and the labor market underscored the strength of the world’s largest economy, allaying fears the Federal Reserve would be risking a deeper slowdown; The S&P 500 rose about 1.5%; Walmart Inc. — a barometer of growth — jumped on a solid outlook; Treasury yields surged, with the move led by shorter maturities; Data showed retail sales beat estimates while jobless claims hit the lowest since early July; Swap traders further reduced bets on aggressive Fed easing; The S&P 500 topped 5,500; The Nasdaq 100 added 2.1%; Cisco Systems Inc. jumped on a bullish forecast; The Russell 2000 of smaller firms climbed 2.7%; Treasury 10-year yields rose 10 basis points to 3.93%; Traders trimmed bets on a jumbo September Fed cut, pricing in less than 30 basis points of easing; They now see 92 basis points of cuts for 2024; The dollar advanced; The VIX dropped below 16; Deere & Co. unexpectedly affirmed its annual profit outlook; Nike Inc. gained after Pershing Square Capital Management LP disclosed a new stake in the company; Dell Technologies Inc. was added to JPMorgan Chase & Co.’s analyst focus list; Johnson & Johnson was twice blocked in New Jersey from getting bankruptcy protection from one of its units to resolve billions of dollars in cancer claims tied to baby powder use; Lenovo Group Ltd. reported better-than-expected quarterly profit; Alibaba Group Holding Ltd. posted a disappointing 4% rise in revenue; The S&P 500 rose 1.4%; The Nasdaq 100 rose 2.1%; The Dow Jones Industrial Average rose 1.2%; The MSCI World Index rose 1.1%; The Russell 2000 Index rose 2.7%; The Bloomberg Dollar Spot Index rose 0.2%; The euro fell 0.3% to $1.0978; The British pound rose 0.2% to $1.2852; The Japanese yen fell 1.2% to 149.04 per dollar; Bitcoin rose 0.6% to $59,536.17; Ether fell 0.7% to $2,658.15; The yield on 10-year Treasuries advanced 10 basis points to 3.93%; Germany’s 10-year yield advanced eight basis points to 2.26%; Britain’s 10-year yield advanced 10 basis points to 3.92%; West Texas Intermediate crude rose 1.8% to $78.38 a barrel; Spot gold rose 0.3% to $2,455.82 an ounce
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https://emeatribune.com/stocks-rally-as-data-show-us-economy-is-holding-up-markets-wrap/
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