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Stocks rise in extended rally, reclaiming more ground

Stocks rise in extended rally, reclaiming more ground

 


NEW YORK (AP) Stocks rose sharply in afternoon trading on Wall Street on Tuesday and recovered more of the ground they lost in a miserable few weeks.

The S&P 500 was up 2.9% at 12:01 a.m. EST. The benchmark has rallied since hitting a year low on Friday only to end a slide in September.

The Dow Jones Industrial Average rose 771 points, or 2.6%, to 30,255 and the Nasdaq rose 3.3%. Smaller company stocks also made strong gains. The Russell 2000 rose 3.6%.

The broad gains come as investors look for signs that central banks could ease their aggressive rate hikes aimed at reining in the highest inflation in four decades. central bank of australia makes an interest rate hike lower than the previous ones.

European and Asian markets also made solid gains. The Australian market jumped 3.8%.

Investors in the United States have received potentially encouraging news from a government job openings report which showed that the number of available jobs in the United States fell in August compared to July. This is a sign that companies could further reduce hiring and potentially calm chronically high inflation.

Yields on Treasuries continued to retreat from their multi-year highs, helping to relieve some of the pressure on equities. The yield on the 10-year Treasury, which helps set rates for mortgages and many other types of loans, fell to 3.61% from 3.65% late Monday. It hit 4% last week after starting the year at just 1.51%.

The two-year Treasury yield, which more closely tracks expectations for Federal Reserve action, fell to 4.09% from 4.12% late Monday.

Central banks are being watched closely as they raise interest rates to make borrowing harder and slow economic growth in an attempt to tame inflation. Investors are hoping they will eventually ease their aggressive rate hikes and the decision by Australia’s central bank is a hopeful sign for some.

Wall Street worries that rate hikes, especially those by the Fed, could go too far in slowing growth and sending economies into recession. The Fed has already pushed its main overnight interest rate to a range of 3% to 3.25%, from virtually zero as recently as March.

Economic growth is already slowing globally and the US economy contracted in the first two quarters of the year, which is seen as an informal signal of recession. The economy still has several pockets of strength, including employment. Wall Street will get a more detailed look at the job situation in the United States when the government releases its monthly jobs report for September on Friday.

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Yuri Kageyama and Matt Ott contributed to this report.

Sources

1/ https://Google.com/

2/ https://apnews.com/article/inflation-business-japan-asia-financial-markets-4e5e0e9bf68d241244f8ba1340b23537

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