Stocks rose Thursday, as Wall Street tried to regain some of this month’s steep losses and traders kept an eye on Treasury yields.
The Dow Jones Industrials leaped 116.07 points to conclude Thursday at 33,666.34.
The S&P 500 index added 25.19 points to 4,299.70.
The NASDAQ index sprang up 108.43 points to 13,201.28.
The communication services sector jumped 1.2% to lead the S&P 500 higher, boosted by a 2% gain in Meta Platforms. Intel rose 1.6%, and Cisco Systems climbed 1.3%, lifting the Dow.
Friday marks the end of what has been a tough trading month and quarter. The Dow is poised to end 3% lower on the month and more than 2% lower in the quarter. The S&P 500 is slated to finish the month down 4.6% and the quarter off by 3.4%. The NASDAQ is on pace to finish the month down 6%, and quarter lower by nearly 4.3%.
Investors will turn their attention to the latest personal consumption expenditures price index reading due Friday. The PCE reading is the Federal Reserve’s preferred inflation metric.
Wall Street is also keeping an eye on Washington, as lawmaker negotiations on a U.S. spending bill continue before a Oct. 1 deadline. House Speaker Kevin McCarthy told reporters Thursday morning that he was confident that Congress would avoid a shutdown this weekend, though he criticized a bill proposed by the Senate for not dealing with border security. Traders have their doubts that McCarthy can get his party in the House aligned by the deadline.
Prices for the 10-year Treasury reversed direction and moved up, lowering yields to 4.58% from Wednesday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.90 to $91.78 U.S. a barrel.
Gold prices stumbled seven dollars to $1,883.90.
