2023-10-10 20:40:39
The New York Stock Exchange closed higher on Tuesday, supported by falling bond yields, as investors keep a worried eye on geopolitical risks in the Middle East.
The Dow Jones index gained 0.40% to 33,739.30 points, the technology-dominated Nasdaq advanced 0.58% to 13,562.84 points and the S&P 500 rose 0.52% to 4,358.24 points. .
Yields on Treasury bills fell significantly, which favored stocks.
Those at ten years stood at 4.64% against 4.80% at the last session. Two-year yields stood at 4.95%, up from 5.08%.
The decline in bond rates reflects “partly a flight towards quality” and security of investments “because of the situation in Israel”, recognized Karl Haeling of LBBW.
US President Joe Biden said he was ready on Tuesday to deploy “additional resources” to support Israel.
On the stock market, almost all sectors of the S&P finished in the green. Only that of energy, which had risen sharply the day before due to fears of the consequences on the oil market of the attack by the Islamist movement Hamas against Israel, took a break (-0.02%).
On the market, Pepsico, which inaugurated the launch of the quarterly corporate results season, gained 1.88%.
The distributor of soft drinks, snacks and cereals raised its outlook for full-year results after a third quarter that beat expectations.
The group earned $23.45 billion in revenue in the third quarter, compared to $21.97 billion a year earlier. Net profit stood at $3.10 billion, compared to $2.70 billion a year before.
Among the day’s performances, Boeing, heavyweight of the Dow Jones, gained 2.67%, in distribution Walmart advanced by 1.13% and Target by 3.66%.
After their sharp rise on Monday in the wake of Hamas’ surprise attack against Israel, the stocks of defense groups have declined slightly, such as Northrop Grumman (-1.68%) or Lockeed Martin (-0.33%). .
The market was also awaiting the announcement of the pricing of the shares of Birkenstock, the German sandal manufacturer which is due to debut on the New York Stock Exchange this week. The stock’s unit price is expected to be between $44 and $49, which at the high end would represent a valuation of up to $9.2 billion, according to an SEC filing.
1696988833
#Wall #Street #ends #bond #rates #fall