Stock Market Today: Dow ends higher as Treasury yields dive after Fed pauses again
Investing.com — The Dow ended higher Wednesday following a slump in Treasury yields after the Federal Reserve kept rates steady for second-straight meeting.
At 16:00 ET (20:00 GMT), the Dow Jones Industrial Average was up 221 points or 0.7%, while the S&P 500 was up 1.1% and the NASDAQ Composite was up 1.6%.
The Federal Reserve kept its rates steady on Wednesday for the second-straight meeting despite the threat of ongoing «strong» economic growth.
«Recent indicators suggest that economic activity expanded at a strong pace in the third quarter,» the Fed said in a statement.
The yield on the two-year Treasury, which is more sensitive to Fed policy, fell 12.5 basis points to 4.93%, which is the lowest level since September.
The October ADP private sector payrolls came in at a lower than the expected 113,000 though still stronger than the September reading. In a sign that labor demand remains healthy, however, the September JOLTS job openings topped economists estimates.
These come ahead of Friday’s jobs report which will give the Fed and investors a new detailed reading on the state of the still-tight labor market.
Investors will also keep an eye on the country’s future refinancing plans, with yields close to historic highs, even after the Treasury forecasted a lower fourth-quarter borrowing need than previously flagged.
Advanced Micro Devices Inc (NASDAQ:AMD) rallied more than 9% as the chipmaker's weaker-than-expected current-quarter guidance was cast aside after the company touted strong demand for its artificial intelligence chips. AMD also reported better-than-expected Q3 results.
The company said it expects to sell $2 billion of graphics processing units used in the development of AI programs that some on Wall
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