DOW rebounds from three-month low

The US stock market ended with decent gains yesterday as oil prices and bond yields eased after recent surge. The Dow Jones industrial average added 316.14 points, or 0.61%, to 51,778.04.The S&P 500 increased by 1.14% or 85.95 points to 7,637.76, while the Nasdaq Composite soared 1.69% or 439.87 to close at 26,418.30. Equity markets, which had been under selling pressure after the Fed raised interest rates on Wednesday for the first time in three years, rebounded as DOW came off a three-month low. The yield on the US 10-year Treasury note fell seven basis points to 4.93%; on Tuesday. The US labour market cues were also supportive. The number of seasonally adjusted initial jobless claims in the United States declined by 10,000 compared to the previous week's unrevised level to land at 196,000 in the seven days ending September 12, the Department of Labor (DoL) said in its report published on Thursday. The 4-week moving average decreased by 2,750 from the previous week's unrevised average to 203,250.

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