May 08, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) Dow Gains as Treasurys Travel Upward
Dow Tries to Add to Streak
Rate Cut Prospects Helps Equities Perk
Stocks Rise on Hope of Rate Cut
Hope of Rate Cuts Propel Stocks at Open Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, May 7, 2024
Dow Aiming for 5 Straight Wins Advertisment
Stocks rose Tuesday, lifted in part by declining Treasury yields, as traders looked for more clues on when the Federal Reserve may start cutting rates.
The Dow Jones Industrials jumped 116.47 points to begin Tuesday at 38,968.74.
The S&P 500 added 10.15 points to 5,190.89.
The
NASDAQ inched up 6.57 points to 16,355.82.
Disney shares fell more than 8% after the media and entertainment giant posted a slight revenue miss but exceeded quarterly earnings expectations. Shares of defense-technology firm Palantir plunged roughly 12% on weaker-than-expected guidance. Peloton's stock price jumped more than 16.5% on news that private equity firms have been considering a buyout of the fitness company
Wall Street is coming off a winning session, with investors riding the momentum seen late last week after fresh U.S. jobs data alleviated concerns that the economy was too hot and Fed Chairman Jerome Powell ruled out an interest rate hike as the central bank's next move.
To be sure, other conflicting economic data - such as an uptick in the employment cost index - indicate there are still questions surrounding the actual trajectory of inflation.
Prices for the 10-year Treasury jumped, lowering yields to 4.44% from Monday's 4.49%. Treasury prices and yields move in opposite directions.
Oil prices removed 55 cents to $77.93 U.S. a barrel.
Gold prices docked $2.10 to $2,329.10.
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