US stocks rebound amid softening yields, Dow gains 1%

The US stocks moved up on Thursday, as long-term Treasury yields witnessed a sharp pullback and tech stocks pared losses. Overall sentiments were volatile though as inflationary pressures weighed. Latest data showed that US producers increased their prices by 6.3% year on year in September ? the sharpest rise since December 2022. However, comforting comments from Fed officials dragged the long term treasury yields from highest levels in two decades. This supported equities after the tumble on Wednesday. The Dow Jones Industrial Average rallied 556 points, or 1.08%, to settle at 52,177.69, while the S&P 500 rose 0.33% to 7,744.06. The tech-heavy NASDAQ Composite ended at 26,713.03, up 0.08%.

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