Stocks Closed Higher Before Tomorrow’s Release of CPI Data…..
U.S. stocks ended the day in the green, extending last week’s advance that snapped a three-week losing streak. No notable reports were released on today’s economic calendar, but tomorrow’s highly anticipated consumer price inflation report will commence the development of the August inflation picture. Additionally, we will get August retail sales and a preliminary look at September consumer sentiment later this week. Shares of Bristol-Myers Squibb rallied after the U.S. Food & Drug Administration approved the company’s oral treatment for plaque psoriasis. Treasury yields were mixed, and the U.S. dollar continued to pull back from its recent rally to multi-decade highs, which seemed to boost the global markets. Crude oil and gold prices traded higher. Asia finished broadly higher though many markets were closed for holidays, and Europe saw widespread gains despite data and some hawkish monetary policy comments on both sides of the pond.
The Dow Jones Industrial Average went up 230 points (0.7%) to 32,381, the S&P 500 Index rose 43 points (1.1%) to 4,110, and the Nasdaq Composite climbed 154 points (1.3%) to 12,266. In moderate volume, 3.7 billion shares of NYSE-listed stocks were traded, and 4.1 billion shares changed hands on the Nasdaq. WTI crude oil gained $0.99 to $87.78 per barrel. Elsewhere, the gold spot price increased $7.10 to $1,735.70 per ounce, and the Dollar Index dropped 0.7% to 108.35.
Treasury yields mixed and U.S. dollar continued to pull back…..
Treasury yields were mixed, as the yield on the 2-year note decreased 1 basis point (bp) to 3.56%, while the yield on the 10-year note rose 3 bps to 3.35%, and the 30-year bond rate gained 5 bps to 3.51%.
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