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Stocks rise with U.S. big growth shares; 5-yr U.S. yields climb

EconomyOct 18, 2021 06:06PM ET
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2/2 © Reuters. FILE PHOTO: A man watches an electric board showing Nikkei index outside a brokerage at a business district in Tokyo, Japan, June 21, 2021. REUTERS/Kim Kyung-Hoon 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - Global stock indexes mostly rose on Monday following gains in U.S. mega-cap technology and other growth names, while five-year Treasury yields rose to their highest levels since early 2020.

The dollar dipped after data showed production at U.S. factories fell by the most in seven months in September, erasing earlier gains.

MSCI's gauge of stocks across the globe was also slightly higher, reversing earlier losses following data showing China's gross domestic product grew 4.9% in the July-September quarter from a year earlier, its weakest pace since the third quarter of 2020.

On Wall Street, the S&P 500 and Nasdaq ended up while the Dow edged lower. Shares of Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Microsoft (NASDAQ:MSFT) were among the biggest boosts to the S&P 500.

Facebook shares, under pressure recently, rose sharply with some positive reports out, including its plans to create 10,000 jobs in Europe to help build the so-called metaverse - an online world.

Investors awaited more third-quarter results from U.S. companies this week after a mostly upbeat start to the earnings season last week.

"You're going to get a heavier slate of earnings reports this week from a diverse set of industries," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles, adding, "the path of least resistance remains higher going into earnings season for large-cap tech."

China's outlook as well as supply constraints related to the coronavirus pandemic have been issues for U.S. companies.

The Dow Jones Industrial Average fell 36.15 points, or 0.1%, to 35,258.61, the S&P 500 gained 15.09 points, or 0.34%, to 4,486.46 and the Nasdaq Composite added 124.47 points, or 0.84%, to 15,021.81.

The pan-European STOXX 600 index lost 0.50% and MSCI's gauge of stocks across the globe gained 0.12%.

The dollar fell 0.02% to 93.95 against a basket of currencies. It had earlier reached 94.17 as U.S. Treasury yields increased.

Yields on five-year bonds rose as high as 1.193%, their highest since February 2020, extending a two-week rising streak.

Yields on 30-year U.S. bonds were only slightly higher, flattening the gap between five-year and 30-year debt US5US30=RR to its narrowest level since early 2020.

Some market watchers are forecasting the Federal Reserve will need to increase interest rates sooner than previously expected to quell rising price pressures.

They say the U.S. central bank will need to move as inflation looks unlikely to fade anytime soon.

Bitcoin last fell 0.15% to $61,448.06.

Oil prices eased after touching multi-year highs.

Brent crude oil futures were down 62 cents or 0.7% at $82.26 a barrel after hitting $86.04, their highest since October 2018.

U.S. West Texas Intermediate (WTI) crude were 12 cents higher, or 0.1%, at $82.40 a barrel, after hitting $83.87, their highest since October 2014.

U.S. gold futures gained 0.16% to $1,764.80 an ounce.

Stocks rise with U.S. big growth shares; 5-yr U.S. yields climb
 

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Comments (10)
SADIK MAHAMED SADIK MAHAMED
SADIK MAHAMED SADIK MAHAMED Oct 19, 2021 6:27AM ET
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Don't think that would work out ✌️✌️✌️
Kingsley Chidi
Kingsley Chidi Oct 18, 2021 6:44PM ET
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Don't think that would work out ✌
perplexed76 .
perplexed76 . Oct 18, 2021 9:03AM ET
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right, oil always makes absurd highs before crash
Steffen vdm
Steffen vdm Oct 18, 2021 6:43AM ET
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Till US markets open and everything is hunky dory again. Hallelujah! Up we go! Keep printing!
mad god
mad god Oct 18, 2021 1:35AM ET
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I have been telling  you mang.... when china gdp goes down, it means it is very good. when gdp is up, it means it is super good. you cannot ignore china, china is very strong now...
Javal Swift
Javal Swift Oct 18, 2021 12:33AM ET
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In the US, the FED has accounted for more than half of GDP growth. Complete fraud. Insane to watch how corrupt this country has become and it will only get worse.
Tom Sc
Tom Sc Oct 17, 2021 11:55PM ET
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wow, shocking, in China the market actually falls when data is bad because they know the PBOC won't prop it up at all costs like here.
Jon Bal
Jon Bal Oct 17, 2021 11:55PM ET
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if they did we'd call it manipulation. but when the fed does its 'supporting the recovery'
divad mocihc
9divaD Oct 17, 2021 11:37PM ET
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A winning formula
Keith Moore
Keith Moore Oct 17, 2021 10:57PM ET
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yup they all lie to manipulate there citizens 🙄
Ossy Obi
Ossy Obi Oct 17, 2021 10:57PM ET
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Hello
SOJIB sojib
SOJIB sojib Oct 17, 2021 10:57PM ET
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Fong SH
Fong SH Oct 17, 2021 10:43PM ET
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China's 3rd Quarter GBP will come in below expectations as usual. That's the name of the game. Overall, I am still positive about China's economy and HongKong Hang Seng markets. It's October & markets are always in big swings until after at least halloween. lol Take care and stay safe, healthy when outdoors, wear a mask. Cheers
 
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