Wall Street rises as yields fall and traders assess economic data

The main indices of Wall Street rose on Wednesday, helped by bets that the Federal Reserve (FED) has reached the end of its rises interest rates and a drop in longer-dated Treasury yields as traders evaluated the latest batch of economic data.

At 1501 GMT, the Dow Jones Industrial Average gained 87.71 points, or 0.25%, to 35,176 units; the S&P 500 index improved 11 points, or 0.24%, to 4,549 units; and the Nasdaq Composite It advanced 50.87 points, or 0.36%, to 14,250 units.

US equities have rallied in November, with the S&P 500 on the verge of hitting its highest level of the year, as signs of easing inflation boosted bets that the Fed has reached the end of its rate hikes. .

However, the minutes of the last Fed meeting, published the day before and which showed the authorities’ caution towards monetary policy, weighed on optimism regarding the prospects for a rate cut at the beginning of next year.

Separately, the number of Americans filing new claims for unemployment benefits fell more than expected last week, although the labor market continued to slow, fueling hopes of a soft landing, analysts said.

Durable goods recorded a drop of 5.4% in October, greater than expected.

The yield of the benchmark bonds of the Treasure After 10 years they fell to 4.4061%.

Declining energy prices and 10-year yields are helping markets advance, according to Art Hogan of B Riley Wealth.

“We have already started to see (an end-of-year rise). “The three headwinds were rising energy prices, rising yields and a strong dollar, and in the last three weeks all of those headwinds have turned into tailwinds.”he pointed.

Crude oil prices lost 4% after the OPEC+ unexpectedly delayed a production meeting. The S&P 500 energy subindex was down 1.4%, lagging all other sectors.

Nvidia, the last of the big companies to report quarterly results, forecast global revenue above Wall Street targets but warned that restrictions on U.S. exports could cause sales in China to plummet in the fourth quarter. Its shares fell 3%.