Stock Market Today: Dow ends higher as Treasury yields dive; jobs report eyed
Investing.com — The Dow closed sharply higher Thursday, buoyed by a slump in Treasury yields ahead of the monthly jobs report due Friday following bets that the Federal Reserve is done raising interest rates.
At 14:32 ET (20:00 GMT), the Dow Jones Industrial Average was up 564 points or 1.7%, while the S&P 500 was up 1.9% and the NASDAQ Composite was up 1.8%.
The main indices on Wall Street closed substantially higher Wednesday, with the blue chip Dow gaining 220 points, or 0.7%, the broad-based S&P rose 1.1% and the tech-heavy Nasdaq climbed 1.6%.
This positive tone followed the conclusion of the latest policy-setting meeting by the U.S. Federal Reserve, which resulted in the central bank holding interest rates steady, as widely expected.
Fed chairman Powell «kept the door open for a rate hike in December and beyond, noting that the Committee is not confident they have achieved a 'sufficiently restrictive' stance, Deutsche Bank said in a note. But on the dovish side, Powell „did not sound perturbed by recent data strength, likely reflecting concerns around tighter FCIs and a desire to see more data to determine if these trends are sustained,“ it added.
The unchanged decision arrived despite the recent uptick in the economy, stoking hopes that the Fed isn't likely to hike rates again. Treasury yields added to losses from a day earlier, with the 10-year Treasury yield falling 12.3 basis points to 4.666%.
Starbucks Corporation (NASDAQ:SBUX) rallied more than 9% after the coffee chain reported fiscal fourth-quarter results that topped Wall Street estimates on both the top and bottom lines, underpinned by growth in its key China market.
Moderna Inc (NASDAQ:MRNA), meanwhile, reported wider than expected loss in the third
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