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Wall Street ends sharply higher as Treasury yields dip

Stock Markets Sep 28, 2022 04:25PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2022. REUTERS/Brendan McDermid
 
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By Noel Randewich and Shreyashi Sanyal

(Reuters) - Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns about demand for iPhones.

The S&P 500 recorded its first gain in seven sessions after closing on Tuesday at its lowest since late 2020.

Interest rate-sensitive megacaps Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Meta Platforms rallied as the yield on 10-year Treasury notes fell over 0.26 percentage point in its biggest one-day drop since 2009.

Pushing yields lower on Treasuries with maturities six months and longer, the Bank of England said it would buy long-dated British bonds in a move aimed at restoring financial stability in markets rocked globally by the fiscal policy of the new government in London.

"The yield on the two-year Treasury has gone up persistently over the course of the last several weeks, and for the first time we've seen it go down for two days in a row, and that has given equities a breather," said Art Hogan, chief market strategist at B. Riley Wealth.

Investors have been keenly listening to comments from Federal Reserve officials about the path of monetary policy, with Atlanta Fed President Raphael Bostic on Wednesday backing another 75-basis-point interest rate hike in November.

The Fed will likely get borrowing costs to where they need to be by early next year, Federal Reserve Bank of Chicago President Charles Evans said.

U.S. stocks have been battered in 2022 by worries that an aggressive push by the Fed to raise borrowing costs could throw the economy into a downturn.

Apple Inc (NASDAQ:AAPL) dropped 1.3% after Bloomberg reported the company is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.

Apple has been a relative outperformer in 2022's stock market sell-off, down about 15% in the year to date, versus the S&P 500's 22% loss.

All of the 11 S&P 500 sector indexes rose, led by a 4.4% jump in energy and a 3.2% leap in communication services.

Every S&P 500 stock's performance in September https://fingfx.thomsonreuters.com/gfx/mkt/lbpgnqgdkvq/Pasted%20image%201664388610426.png

The Dow Jones Industrial Average rose 1.88% to end at 29,683.74 points, while the S&P 500 gained 1.97% to 3,719.04. It was the S&P 500's largest one-day gain since Aug. 10.

The Nasdaq Composite jumped 2.05% to 11,051.64.

Biogen Inc (NASDAQ:BIIB) surged 40% after saying its experimental Alzheimer's drug, developed with Japanese partner Eisai Co (OTC:ESALY) Ltd, succeeded in slowing cognitive decline.

Eli Lilly & Co (NYSE:LLY), which is also developing an Alzheimer's drug, jumped 7.5%, and it was among the biggest boosts to the S&P 500 index.

Advancing issues outnumbered declining ones on the NYSE by a 5.82-to-1 ratio; on Nasdaq, a 3.66-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 26 new highs and 224 new lows.

Volume on U.S. exchanges was 11.7 billion shares, compared with an 11.4 billion average for the full session over the last 20 trading days.

Wall Street ends sharply higher as Treasury yields dip
 

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Comments (9)
Chad Richer Than You
Chad Richer Than You Sep 28, 2022 1:21PM ET
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As the squeeze "shrugs off" the shorts
nils Hullmann
nils Hullmann Sep 28, 2022 11:09AM ET
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biggest company on the planet reduces production and the nasdaq rallies...you guys deserve to lose money
First Last
First Last Sep 28, 2022 11:09AM ET
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"dropped plans to boost iPhone production" does NOT mean "reduces production"
Brad Albright
Brad Albright Sep 28, 2022 11:09AM ET
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Please, don't confuse the America haters with facts.
Ronald Warren
Ronald Warren Sep 28, 2022 11:09AM ET
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Brad Albright Who's the pitcher? Who's the catcher?
Brad Albright
Brad Albright Sep 28, 2022 11:09AM ET
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Ronald Warren I'm the pitcher and your *sister is the catcher.
Manoj Kumar Manoj Kumar
Manoj Kumar Manoj Kumar Sep 28, 2022 10:46AM ET
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Manoj Kumar
Kerry Ditto
Kerry Ditto Sep 28, 2022 10:40AM ET
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time to fire up dems' chance in midterm election. decision on tariff cuts on China coming imminent or something?
lakes Tenn
lakes Tenn Sep 28, 2022 10:40AM ET
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Democrats are getting destroyed in November. Everything the touch turns to 💩. bad policies all around
First Last
First Last Sep 28, 2022 10:40AM ET
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lakes Tenn   Blaming everything on Biden/Democrats again
lakes Tenn
lakes Tenn Sep 28, 2022 10:40AM ET
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Biden is in charge and set the policy. this is 100% Bidens doing. started long before Russia
lakes Tenn
lakes Tenn Sep 28, 2022 10:33AM ET
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red end of day. 3rd straight negative GDP Thursday
Kerry Ditto
Kerry Ditto Sep 28, 2022 10:29AM ET
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it looks market finally got a bull deal. good for humanity
Kerry Ditto
Kerry Ditto Sep 28, 2022 9:55AM ET
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as AAPL begins going positive. we get a bull market confirmed
Jit Patel
Jit Patel Sep 28, 2022 9:55AM ET
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In your dream. How much did u loose in call?
Stephen Fa
Stephen Fa Sep 28, 2022 9:44AM ET
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VIX at 33 in uptrend still. Buy at your own risk.
Lalit Mohan Pandey
Lalit Mohan Pandey Sep 28, 2022 9:36AM ET
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I want to bring to the attention of Fed Governors that they should not be worried that inflation will be permanantly entrenched in the economic system. But this is not so, because once economic growth picks us, it automatically improves supply side and once wheels of economy starts moving smoothly then hammer on various aspects of prices.
Casador Del Oso
Casador Del Oso Sep 28, 2022 9:36AM ET
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🤣
Stephen Fa
Stephen Fa Sep 28, 2022 9:36AM ET
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Never mind the interest on $31T of debt, and growing fast.
Erikke Evans
Erikke Sep 28, 2022 9:36AM ET
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You have a very short memory
 
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