US stocks gain as bond yields stabilise

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NEW YORK: Wall Street stocks rose on Thursday (Mar 28) following a recovery in 10-year US Treasury yields, after weakness in bond rates in recent ...

NEW YORK: Wall Street stocks rose on Thursday following a recovery in 10-year US Treasury yields, after weakness in bond rates in recent sessions raised worries about slowing economic growth.Advertisement

The broad-based S&P 500 advanced 10.07 points to end at 2,815.44, while the tech-rich Nasdaq Composite Index won 25.79 points to 7,669.16."The market was fearful that the Treasury yields were falling because of recession fears," said Karl Haeling of LBBW.Earlier, the Commerce Department sharply downgraded the growth estimate for the final quarter of 2018 to 2.2 per cent from the prior estimate of 2.6 per cent, amid lower consumer spending and business investment.

Trade talks between the US and China resumed in Beijing, although officials cautioned that there was still more work ahead before a deal is struck.

 

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