{"id":131678,"date":"2021-07-09T14:10:56","date_gmt":"2021-07-09T14:10:56","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131678"},"modified":"2021-07-09T14:10:56","modified_gmt":"2021-07-09T14:10:56","slug":"stocks-rebound-as-bond-yields-stabilize","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/stocks-rebound-as-bond-yields-stabilize\/","title":{"rendered":"Stocks rebound as bond yields stabilize"},"content":{"rendered":"
SlateStone Wealth chief market strategist Kenny Polcari and The Leuthold Group chief investment strategist Jim Paulsen on how investors should react to recent market movements and the Federal Reserve.\u00a0<\/p>\n
U.S. stock markets rallied Friday as the major averages looked to put their steepest one-day decline in nearly a month in the rearview mirror.<\/p>\n
Ticker<\/th>\n | Security<\/th>\n | Last<\/th>\n | Change<\/th>\n | Change %<\/th>\n<\/tr>\n<\/thead>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I:DJI<\/td>\n | DOW JONES AVERAGES<\/td>\n | 34770.45<\/td>\n | +348.52<\/td>\n | +1.01%<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SP500<\/td>\n | S&P 500<\/td>\n | 4349.4<\/td>\n | +28.58<\/td>\n | +0.66%<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I:COMP<\/td>\n | NASDAQ COMPOSITE INDEX<\/td>\n | 14585.84395<\/td>\n | +26.06<\/td>\n | +0.18%<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n The Dow Jones Industrial Average rose 215 points, or 0.63%, while the S&P 500 and the Nasdaq Composite ticked up 0.47% and 0.15%, respectively. The major averages on Thursday lost between 0.72% and 0.86%, making for the biggest one-day drops since June 18.<\/p>\n The appetite for stocks caused money to rotate out of the bond market, causing the yield on the 10-year note to rise 5 basis points to 1.34% after finishing Thursday at its lowest level since Feb. 18.<\/p>\n GOLD INVESTORS CALL FED’S INFLATION BLUFF<\/strong><\/p>\n In stocks, financials bounced back as selling in the U.S. Treasury market swung the yield curve steeper. <\/p>\n Meanwhile, President Biden on Friday signed an executive order targeting bank mergers by calling on the Federal Reserve and Department of Justice to step up scrutiny of those deals.<\/p>\n Elsewhere, cigarette maker Philip Morris International on Friday agreed to buy British drugmaker Vectura for $1.44 billion (1.05 billion pounds) as it looks to diversify away from tobacco.<\/p>\n General Motors Co. was initiated with an outperform rating and an $85 price target at Wedbush Securities as the Detroit-based automaker looks to roll out "game-changing" battery technology and at least 20 electric models over the next two years. <\/p>\n In earnings, Levi Strauss & Co. beat Wall Street estimates on both the top and bottom lines and issued a full-year profit forecast that easily exceeding expectations. The apparel maker also hiked its quarterly dividend by 2 cents to 8 cents a share. <\/p>\n Investors are also eyeing space stocks and exchange-traded funds ahead of Richard Branson's historic Virgin Galactic flight set for Sunday.<\/p>\n In commodities, West Texas Intermediate crude oil jumped $1.15 to $74.09 a barrel and gold edged up $2.80 to $1,803 an ounce. <\/p>\n Overseas markets were mostly higher. <\/p>\n GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/p>\n European bourses rallied across the board with France’s CAC 40 trading up 1.66%, Germany’s DAX 30 gaining 1.05% and Britain’s FTSE 100 advancing 0.6%. <\/p>\n In Asia, Hong Kong’s Hang Seng index outperformed, rising 0.7%, while China’s Shanghai Composite and Japan’s Nikkei 225 slipped 0.04% and 0.63%, respectively. <\/p>\n |