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Stocks rise, S&P 500 hits record; U.S. 10-yr yield jumps

EconomyOct 21, 2021 07:07PM ET
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3/3 © Reuters. The logo of China Evergrande is seen at outside China Evergrande Centre building in Hong Kong, China September 23, 2021. REUTERS/Tyrone Siu 2/3

By Caroline Valetkevitch

NEW YORK (Reuters) - Global stock indexes mostly climbed and the S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped.

The dollar also strengthened, boosted by better jobs and housing data, including data showing the number of Americans filing new claims for unemployment benefits dropped last week to a 19-month low, pointing to a tighter labor market.

The S&P 500 consumer discretionary index was up 1.4%.

"The market may be saying the supply-chain issues that are driving up costs are going to be transitory because markets are discounting mechanisms," pricing in what investors expect to happen in the future, said Shawn Cruz, senior market strategist at TD Ameritrade, noting a decline in Wall Street's fear gauge, the CBOE Volatility index.

The Dow Jones Industrial Average fell 6.26 points, or 0.02%, to 35,603.08, the S&P 500 gained 13.59 points, or 0.30%, to 4,549.78 and the Nasdaq Composite added 94.02 points, or 0.62%, to 15,215.70.

The pan-European STOXX 600 index lost 0.08% and MSCI's gauge of stocks across the globe gained 0.06%.

The dollar index rose to 93.76, up 0.17%. During the session it fell as low as 93.49. Last week it reached a one-year high of 94.56 on mounting bets the Federal Reserve will need to raise interest rates sooner than expected to quell inflation pressure.

The dollar was also supported as benchmark 10-year U.S. Treasury yields rose to 1.683%, the highest since May 13. [nL1N2RH1XG]

Bitcoin last fell 4.68% to $62,904.60, but demand for the cryptocurrency has increased since the launch of the first U.S. bitcoin futures exchange-traded fund.

Investors are estimating that surging energy prices and tightening job markets will pressure top central banks to either raise interest rates or at least rein in the stimulus.

Oil tumbled, as a forecast for a warm U.S. winter put the brakes on a rally that sent prices to multi-year highs.

Brent crude fell $1.21 to $84.61, after reaching a session high of $86.10, highest since October 2018. U.S. West Texas Intermediate crude settled down 92 cents to $82.50.

Stocks rise, S&P 500 hits record; U.S. 10-yr yield jumps
 

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Comments (6)
Jokers R Us
Jokers R Us Oct 22, 2021 12:52AM ET
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Not tightening no rate hikes ..I bet my life on that
Jamie An
Jamie An Oct 21, 2021 2:09PM ET
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US market in rally is very strange and ugly. Bubble is gonna end very soon.
Larry DeAngelis
Larry DeAngelis Oct 21, 2021 9:20AM ET
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Don't buy the next dip! nasdaq headed for 10k fast.
Ronald Warren
Ronald Warren Oct 21, 2021 9:20AM ET
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Went all in on SQQQ calls this morning! Don't forget that Powell will have to start his cut back soon!
Steffen vdm
Steffen vdm Oct 21, 2021 1:49AM ET
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once earnings reporting is done, profits will be taken and volatility will kick in
John Hat
John Hat Oct 21, 2021 1:00AM ET
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China is ready to collapse. Popcorn time.
Victoria Kim
Victoria Kim Oct 21, 2021 1:00AM ET
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totally
Victoria Kim
Victoria Kim Oct 21, 2021 1:00AM ET
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totally
Victoria Kim
Victoria Kim Oct 21, 2021 1:00AM ET
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totally
William Bailey
William Bailey Oct 21, 2021 12:00AM ET
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Fed pumped in 280 b since Oct 1 .. but done, so down goes the Fed roller coaster
 
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