By Noel Randewich and Bansari Mayur Kamdar
(Reuters) – Wall Street jumped on Wednesday as stocks of large growth companies boosted on a day of pause in market interest rate hikes, while encouraging corporate earnings also encouraged investors to go shopping.
Yields on the landmark 10-year US Treasury bond fell from 27-month highs reached in the previous session, helping to stabilize sentiments in global markets and boost demand for shares in growth – which, as they operate at higher-than-average valuations, tend to be prime targets for profit taking in times of market stress.
Meta Platforms rose more than 5%, ending four sessions of significant declines that caused the company to lose almost a third of its value. The biggest boosts for the S&P 500 came from Nvidia, up 2.2%, and Microsoft, up 6.4%.
All 11 S&P 500 sector indices rose, led by a 2.45% jump in real estate.
“The bond market is basically saying that there is a cap or a cap on how much the Fed is likely to raise rates, and that is very positive for equities in general, and especially for growth stocks that tend to trade higher.” , said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
The S&P 500 index closed up 1.45% at 4,587.18 points. The Dow Jones rose 0.86% to 35,768.06 points. The Nasdaq Composite technology index rose 2.08% to 14,490.37 points.
Investors will look to US consumer price data to be released on Thursday for clues about the Fed’s plans to raise interest rates. Prices are forecast to have jumped 7.3% in January year on year, the highest in four decades.
An unexpectedly strong jobs report last week raised concerns of a more aggressive move by the Fed.
On the balance sheet side, Chipotle Mexican Grill Inc
Enphase Energy Inc
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