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US-STOCKS-MARKETS
US stocks gain as bond yields stabilize
NEW YORK, March 29, 2019 (BSS/AFP) – Wall Street stocks rose on Thursday
following a recovery in 10-year US Treasury yields, after weakness in bond
rates in recent sessions raised worries about slowing economic growth.
The Dow Jones Industrial Average gained 0.4 percent to close the session
at 25,717.46.
The broad-based S&P 500 also advanced 0.4 percent to end at 2,815.44,
while the tech-rich Nasdaq Composite Index won 0.3 percent to 7,669.17.
Investors welcomed stabilization in bond yields, which had tumbled over
the last week.
“The market was fearful that the Treasury yields were falling because of
recession fears,” said Karl Haeling of LBBW.
“The end of the treasury rally took away some of the panic fear.”
Earlier, the Commerce Department sharply downgraded the growth estimate
for the final quarter of 2018 to 2.2 percent from the prior estimate of 2.6
percent, amid lower consumer spending and business investment.
Trade talks between the US and China resumed in Beijing, although
officials cautioned that there was still more work ahead before a deal is
struck.
White House economic adviser Larry Kudlow said the negotiations are not
“time dependent” and could be extended.
The talks are “policy and enforcement dependent” so “if it takes a few
more weeks or if it takes months, so be it,” Kudlow said in a speech in
Washington.
T-Mobile fell 4.3 percent and Sprint 6.1 percent following a report their
merger would be blocked by antitrust regulators. Fellow mobile phone giants
Verizon and AT&T also dropped.
BSS/AFP/HR/0955