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US Stocks Rise as Tech Recovers, Treasury Yields Retreat
US stocks finished the week higher after technology shares bounced back on Friday.
Government bond yields had fallen over the week, although they rose somewhat on Friday.
The 10-year yield had reached a 24-year high on Wednesday before retreating.
Investors are waiting for September inflation data, which could affect expectations for the Federal Reserve’s next interest rate decision.
Higher oil prices have added to worries about inflation.
President Donald Trump said Russia would send diesel to global markets in several shipments.
Oil prices ended Friday slightly higher, though they fell a little after Trump’s announcement.
Major US stock indexes all recorded gains for the week.
US stocks rose Friday as technology shares recovered, and all three major indexes posted weekly gains.
For the week ended October 9, the 10-year Treasury yield fell 3.3 basis points to 5.243%, while the two-year yield dropped 3.4 basis points to 4.789%.
Yields rose on Friday from Thursday’s closing levels but remained below the recent highs reached earlier in the week.
Investors looked ahead to September CPI data, due Wednesday, October 14, as a possible influence on the Federal Reserve’s next rate decision.
President Donald Trump announced a deal for Russia to supply diesel and said the Treasury Department had authorised transactions involving Russian diesel.
- Who
- US investors, the Federal Reserve, and President Donald Trump.
- What
- US stocks rose Friday and all three major indexes gained for the week as Treasury yields retreated from recent highs.
- Where
- US financial markets.
- When
- Friday and the week ended October 9; September CPI was scheduled for October 14.
- Why
- Technology shares recovered, while investors monitored Treasury yields, energy prices, inflation and the upcoming CPI report.
Key facts
- 10-year Treasury yield
- Fell 3.3 basis points for the week to 5.243%; it had reached a 24-year high on Wednesday.
- Two-year Treasury yield
- Fell 3.4 basis points for the week to 4.789%.
- Nasdaq Composite
- Rose 0.64% Friday to 27,366.17 and gained 0.6% for the week.
- S&P 500
- Rose 0.59% Friday to 7,811.54 and advanced around 1.2% for the week.
- Dow Jones Industrial Average
- Climbed 423.31 points, or 0.83%, Friday to 51,654.95 and rose 0.9% for the week.
- September CPI
- Scheduled for Wednesday, October 14, and expected to help guide rate expectations.
- Diesel announcement
- Trump said Russia would supply more than 300,000 tons immediately, followed by 500,000 tons in November and 1 million tons afterward, with another 3 million tons later.
Sources
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