Stocks soar on Wall Street as markets try to shake off miserable September
CBSN
Stocks are rising on Wall Street as markets open the month trying to shake off a miserable September marred by fears that the Federal Reserve's aggressive interest rate hikes would hurtle the U.S. economy into a recession. U.S. Treasury yields have eased off their multiyear highs, indicating investor confidence in the economy.
The S&P 500 rose 70 points, or nearly 2%, to 3,655 as of 11:25 Eastern time. The Dow jumped 614 points, or 2.1%, to 29,375, while the Nasdaq was up 1.4%.
"[T]here are so many moving macro pieces in the world that it's easy to get discombobulated. U.S. equity investors should focus on what's most important: yields, inflation and growth,"analyst Adam Crisafulli of Vital Knowledge said in a research note. "If Treasuries can rally for whatever reason (soft growth, soft inflation and/or some type of a Fed shift) it would act as an enormous tailwind for stocks."
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