The S&P 500 gained 26.41 points, or 0.51 per cent, to 5,214.08 points, while the Nasdaq Composite gained 43.51 points, or 0.27 per cent, to 16,346.27. ― Reuters picNEW YORK, May 10 ― The Dow Jones Industrial Average closed higher yesterday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.
US equity markets have clawed back losses incurred during April on fears the Fed may ultimately raise interest rates, and as tensions in the Middle East threatened to escalate.“We've almost had a full recovery of that,” said Brad Bernstein, managing director at UBS Private Wealth Management. Last week's data showing slowing job growth in April and job openings falling to a three-year low in March had investors pricing in one or two rate cuts by the Fed this year. Prior to that, traders were pricing in just one rate cut.
Lower yields are particularly supportive for tech megacap stocks, Apple, Amazon.com and Meta Platforms rose between 0.6 per cent and 1 per cent.
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