Microsoft Corp even hit an all-time high. The gains in these two stocks were almost 100 points higher for the Nasdaq. Microsoft was also the biggest driver for the Dow Jones and the S&P 500.
The pullback in long-term U.S. Treasury yields and the flattening of the yield curve also helped support growth stocks, such as luxury consumer goods and communications services, the only sectors that closed. with hikes.
The yield on the 10-year US bond fell for the fourth day in a row, falling more than 6 basis points, its biggest one-day decline since Aug. 13.
“Growth stocks will get a boost not just from earnings, but because interest rates are lower.”said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors, adding: “Interest rates are temporarily lower because there is some uncertainty from a tax point of view and what that might cause. We know the Federal Reserve it’s going to cut bond purchases, but now there’s a lot of talk about what the future of the Federal Reserve will look like. “
The S&P 500 lost 22.54 points, or 0.49%, to 4,552.25, while the Nasdaq gained 2.79 points, or 0.02%, to 15,238.50. The Dow Jones Industrial Average fell 260.69 points, or 0.73%, to 35,496.19 points.
The flattening of the curve also weakened financials, while the fall in crude prices following the data on stocks in the United States dragged the shares of the energy sector.
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