US Stocks Rebound After Torrid Start to the Week – S&P Up 1%
US stock markets bounced back in trading yesterday, as Fed officials advised that they did not believe the weaker job numbers reported on Friday would drive the economy into recession, although rate cuts are on the way. The S&P recouped some of its recent losses, closing the day up 1%. The Nasdaq gained 1.03%, and the Dow added 0.74%. US Treasury yields also pushed higher after hitting over one-year lows on Monday, with the 2-year yield adding 10 basis points to trade back at 3.983% and the 10-year yield rising 10.5 basis points to 3.888%.
Oil prices remained relatively stable despite the potential for increased conflict in the Middle East, with Brent adding 0.2% to $76.48 and WTI gaining 0.4% to $73.20 a barrel. Gold prices traded in much tighter ranges but finished 0.9% lower on the day at $2,389 an ounce.
