by Lewis Krauskopf, Ankika Biswas and Shashwat Chauhan
(Reuters) – The New York Stock Exchange ended higher on Thursday as investors weighed the latest economic data as rising Treasury yields paused ahead of Friday’s release of a key U.S. inflation gauge. United.
The Dow Jones index gained 0.35%, or 116.07 points, to 33,666.34 points.
The broader S&P-500 gained 25.19 points, or 0.59%, to 4,299.70 points.
The Nasdaq Composite advanced 108.43 points (0.83%) to 13,201.28 points.
Investors are also monitoring the situation in Washington, where budget discussions are continuing in Congress to avoid a partial shutdown of federal administrations starting Sunday.
The recent development of Treasury bond yields, which reached their highest level in 16 years, weighed on the stock market, in the wake of the meeting of the American Federal Reserve (Fed), which suggested on Wednesday that the interest rates would remain high for longer than expected.
The yield on the U.S. ten, which stabilized around 4.6%, provided “relief,” said Matt Stucky, portfolio manager at Northwestern Mutual Wealth Management.
“The markets in general have been very, very choppy over the last few days,” he said. “We should expect a small rally against the tide after three or four very negative days.”
Among the major S&P-500 sectors, communications services and the materials sector gained. The interest rate-sensitive utilities sector declined.
Unemployment claims increased in the United States during the week ending September 23, the Labor Department announced Thursday.
Investors are now awaiting the monthly PCE price index in the United States, the preferred measure of inflation by the Federal Reserve (Fed), which is to be published on Friday.
Micron Technology fell as the semiconductor maker forecast a sharper-than-expected net loss in the first quarter of its fiscal year.
Accenture also fell as the company forecast annual revenue and first-quarter profit below Wall Street expectations.
(Reporting Lewis Krauskopf, Ankika Biswas and Shashwat Chauhan; Camille Raynaud)
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