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U.S. stocks rally - S&P 500 Jumps 1.5%, Dow Jones Up, 1.7%

Updated: Sep 26, 2021

Thursday, 23 September 2021


US stocks demonstrated a solid performance on Thursday, amid Federal Reserve’s intention to start tapering in November and hopes that the Evergrande debt crisis could be restrained.


The S&P 500 heads for its biggest two-day gain since May, jumping as much as 2.5%. Dow Jones up 1.7%, while yields surged globally on Bank of England’s intentions to move closer to interest rates raise.


The 10-years gilt yield topped 0.90% the best performance since May, while Treasury yields led by the 30-year, surged more than 12 basis points, the biggest increase in September




Markets summarised


Stocks


  • The S&P 500 rose 1.5% as of 2:34 p.m. New York time

  • Nasdaq 100 rose 1.1%

  • The Dow Jones Industrial Average rose 1.7%

  • The MSCI World index rose 1.2%


Bonds


  • The yield on 10-year Treasuries advanced 10 basis points to 1.40%

  • Germany’s 10-year yield advanced seven basis points to -0.26%

  • Britain’s 10-year yield advanced 11 basis points to 0.91%


Currencies


  • The ICE U.S. Dollar Index, a measure of the currency against a basket of rivals, was down 0.4%.

  • The euro rose 0.5% to $1.1745

  • The British pound rose 0.8% to $1.3735

  • The Japanese yen fell 0.4% to 110.20 per dollar


Commodities


  • West Texas Intermediate crude rose 1.5% to $73.30 a barrel

  • Gold futures fell 1.6% to $1,750.50 an ounce


Cryptocurrencies


  • Bitcoin steadied around $44,000



Other markets


  • Oil futures pushed higher, with the U.S. benchmark up 1.4% to $73.22 a barrel.

  • Gold futures dropped 1.8% to around $1,747 an ounce.

  • In Asia, Hong Kong’s Hang Seng Index reopened after a one-day holiday to a 1.1% gain, while China’s CSI 300 index rose 0.6% and Japan’s Nikkei 225 index was closed for a holiday.

  • In Europe, the Stoxx Europe 600 index rose 0.9%, while the FTSE 100 index gave up 0.1%.

  • Emerging-market stocks climbed for a third day.

  • Turkey’s lira slumped to record low against the dollar after the central bank unexpectedly cut interest rates.



Friday focus


  • Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery.



(Written and edited by: The Decision Maker)