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Wednesday, December 07, 2022

Growth stocks boost Nasdaq 3% as US bond yields drop

Growth stocks boost Nasdaq 3% as US bond yields drop

By Ankika Vishwas and Bansari Mayur Kamdar

October 4 – The Nasdaq edged higher on Wall Street on Tuesday, helped by gains in mega-cap growth and technology stocks and a fall in US Treasury yields, fueled by investor speculation that the Federal Reserve will continue its aggressive path of raising interest rates. Moderated.

*1529 GMTThe Dow Jones Industrial Average was up 774.82 points, or 2.64%, at 30,273.41; The S&P 500 index was up 100.15 points, or 2.72%, at 3,778.58; And the Nasdaq Composite ended up 363.80 points, or 3.36%, at 11,178.61.

* New orders for US-made goods were flat in August, as expected, while job openings, a measure of labor demand, fell in August by the most in nearly two-and-a-half years. ,

* Bond yields fell for the second day in a row on hopes of monetary policy easing, following economic data, despite the fact that the San Francisco Fed Chair, Mary Daly, said the central bank should raise rates further.

*”Data on job offers, lower than expected, point to a weakening of the labor market. If confirmed by Friday’s non-farm payrolls report, it could give the Fed cover to slow its tightening could,” said Thomas Hayes of Great Hill Capital in New York.

* Mega-cap market leaders including Apple Inc., Microsoft Corp., Alphabet Inc. and Nvidia Corp. rose nearly 2.37% to 4.30%, while the Philadelphia SE Semiconductor index rose 4.12%.

* The luxury consumer sector gained more than 4% across 11 divisions of the S&P 500.

* Banks such as Wells Fargo & Company, JPMorgan Chase & Company and Bank of America Corp added more than 3% each.

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