Post by bot on Oct 3, 2018 15:17:13 GMT -5
Dow logs 15th record of 2018 and 5-day win streak as Wall Street focuses on economic health
U.S. stock benchmarks ended higher Wednesday and the Dow Jones Industrial Average booked its fifth straight gain, taking the blue chip to a 15th record in 2018 as Wall Street investors grew optimistic about the health of the U.S. economy. However, stocks finished off their best levels of the session as a measure of borrowing costs surged, with the 10-year Treasury yield rising to around 3.16%, representing its highest level since 2011 and its largest yield climb since March of 2017, according to Dow Jones Market Data. The Dow closed up 58 points, or 0.2%, at 26,831, marking a fifth consecutive gain, matching its longest win streak since July. The S&P 500 index advanced less than 0.1% at about 2,926, while the Nasdaq Composite Index climbed 0.3% at 8,025. Wednesday's climb was mostly underpinned by strong economic data: Private-sector employment soared in September, as employers added 230,000 jobs, more than had been expected, according to Automatic Data Processing Inc. while Friday has the closely watched September jobs report. Separately, the final reading on the services sector from IHS Markit fell to 53.5 in September from 54.8, while the Institute for Supply Management's reading on the nonmanufacturing sector came in at 61.6, above expectations for a reading of 58 and one of the highest readings in the history of the index. A reading of at least 50 indicates improving conditions. A parade of Federal Reserve speakers underscored their view that the domestic economy is strong. A report from Italian daily newspaper Corriere della Sera that the Italian government may yield ground in a budget standoff with the EU, which could lessen the odds of a clash between the country and the bloc, also helped stoke buying. In corporate news, shares of J.C. Penney Co. Inc. rose a day after it said its board of directors has appointed retail veteran Jill Soltau as chief executive officer.
U.S. stock benchmarks ended higher Wednesday and the Dow Jones Industrial Average booked its fifth straight gain, taking the blue chip to a 15th record in 2018 as Wall Street investors grew optimistic about the health of the U.S. economy. However, stocks finished off their best levels of the session as a measure of borrowing costs surged, with the 10-year Treasury yield rising to around 3.16%, representing its highest level since 2011 and its largest yield climb since March of 2017, according to Dow Jones Market Data. The Dow closed up 58 points, or 0.2%, at 26,831, marking a fifth consecutive gain, matching its longest win streak since July. The S&P 500 index advanced less than 0.1% at about 2,926, while the Nasdaq Composite Index climbed 0.3% at 8,025. Wednesday's climb was mostly underpinned by strong economic data: Private-sector employment soared in September, as employers added 230,000 jobs, more than had been expected, according to Automatic Data Processing Inc. while Friday has the closely watched September jobs report. Separately, the final reading on the services sector from IHS Markit fell to 53.5 in September from 54.8, while the Institute for Supply Management's reading on the nonmanufacturing sector came in at 61.6, above expectations for a reading of 58 and one of the highest readings in the history of the index. A reading of at least 50 indicates improving conditions. A parade of Federal Reserve speakers underscored their view that the domestic economy is strong. A report from Italian daily newspaper Corriere della Sera that the Italian government may yield ground in a budget standoff with the EU, which could lessen the odds of a clash between the country and the bloc, also helped stoke buying. In corporate news, shares of J.C. Penney Co. Inc. rose a day after it said its board of directors has appointed retail veteran Jill Soltau as chief executive officer.
