Buy boom for Wall Street for the second consecutive session since the beginning of October. In yesterday’s session, the Dow Jones Industrial Average flew 825.43 points, or + 2.8%, to 30,316.32 points; the S&P 500 advanced nearly 3.1% to 3,790.93 points and the Nasdaq Composite rallied 3.3% to 11,176.41.
The buy was supported by the significant turnaround in US Treasury rates, with 10-year yields dropping even below the 3.6% threshold yesterday, compared to the over + 4%, a record since 2008, tested last week , on the back of anxiety over further aggressive anti-inflation rate hikes by Jerome Powell’s Fed.
Futures on major US equity indices are now negative, with those on the Dow Jones down 0.38% and those on the S&P 500 and Nasdaq down around 0.40%.
10-year Treasury rates rise again, returning to the 3.6% threshold. Two-year Treasury rates are not very moving, at around 4.092%.