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Wall St rallied overnight as treasury yields fell which saw the Dow Jones have its best day since June, ending the session up 1.7%. The S&P 500 and the tech-heavy-Nasdaq followed suit, gaining 1.89% and 1.78% respectively at the closing bell. All 11 sectors in the S&P 500 ended the day in the green, led by gains in the energy and real estate sectors.
US treasury yields dropped to 4.67%, after the benchmark yield topped 5% last month.
US Data was released overnight showing easing inflation and a slowing labour market, which added to investor confidence that the Federal Reserve may be done raising rates for the time being.
Over in Europe, markets closed higher, following investor reaction to the Federal Reserve holding rates over in the US. The STOXX 600 ended the day 1.6% higher with all sectors positive, led by auto stocks up 3% and tech stocks up 2.7%. Germany’s DAX ended the day up 1.48%, the French CAC closed the trading session up 1.85% and over in the UK the FTSE 100 gained 1.42%.
Locally yesterday, the ASX 200 finished 0.9% in the green led by the information technology and real estate sectors which gained 3.23% and 2.35% respectively. However, this was offset by the utilities sector which lost 3.83% on Thursday.
What to watch today: