The drop in Treasury yields and Tesla’s rally give the market some respite, although the S&P 500 remains headed for a slight loss.
Wall Street rises this Friday after the S&P 500 broke a three-day losing streak, as investors hope to close a volatile week on a positive note.
The S&P 500 gained 0.4%, while the Dow Jones Industrial Average gained 173 points, or 0.4%. The Nasdaq Composite climbed 0.6%.
Both the S&P 500 and the Dow were on track to snap a six-week winning streak. The first accumulates a loss of 0.4% in the weekwhile the second has fallen 1.7%. For its part, the Nasdaq is in on track for seventh consecutive week of gainswith an increase of 0.3%.
Wall Street: the data it analyzes
These moves followed a mixed day on Wall Street. The Nasdaq joined the S&P 500 in ending the session higher, boosted by Tesla’s rally following the release of its results.
wall street usa markets
NYSE
Shares of the electric vehicle maker posted their best day in more than a decade as investors cheered better-than-expected earnings and CEO Elon Musk’s projections for vehicle production growth next year.
A drop in Treasury yields also gave a boost to the S&P 500 and Nasdaq, according to Megan Horneman, chief investment officer at Verdence. The 10-year Treasury yield cooled noticeably from its three-month highs, after surpassing the 4.25% mark in Wednesday’s session.
“This has everything to do with the drop in interest rates we saw today,” Horneman said. “Those two indices don’t like higher yields.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
