shortly after the market opens doe (Inappropriate)
was up nearly 500 points, or 1.5%, while the broader S&P 500 (spx)
rose 1.4%. tech-heavy Nasdaq Composite (NS)
was up 1.5%. The rally isn’t just on the heels of a few stocks doing well, but more broadly based.
Meanwhile, the yield on the 10-year US Treasury bond also rose to 1.56%.
The US equity market has been on a roller coaster of late. Investors are grappling with concerns about inflation, US debt limits, the Evergrande debt crisis and improving general conditions.
Things were looking up on Thursday after Senate Minority Leader Mitch McConnell offered options to keep the US from defaulting on its loans. Republicans had previously turned down Democrats’ proposals to raise the debt limit. on top of it, Weekly Claims for Unemployment Benefits
Lower than expected and below last week’s level.
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Fiona Cincotta, senior financial markets analyst at Citi Index, said: “Progress in debt ceiling talks is lifting the mood in the market. The proposed deal in Washington would effectively shorten the buying time in December and ease concerns.” ” A note to customers. “While this is clearly a short-term answer, it is enough to keep the markets happy.”