NEW YORK — Wall Street rose sharply to add to an already strong November, which is on track to be one of the market’s best months of the year. The S&P 500 jumped 1.6% Friday in a widespread rally that lifted everything from Big Tech behemoths to the smallest, money-losing companies. The Dow gained 391 points, and the Nasdaq rose 2%. Stocks climbed as markets recovered from the prior day’s slump, triggered in part by worries about additional hikes to interest rates by the Federal Reserve.
Illumina tumbled 9.5% even though the maker of DNA-sequencing and other technology products reported better results for the third quarter than expected. It cut its financial forecasts for the full year and said “the environment remains challenging.” Treasury yields gave back some of their gains from the prior day to release some of the pressure that's built up on Wall Street. The yield on the 10-year Treasury dipped to 4.62% from 4.64% late Thursday.
The central bank has been saying that its next moves will depend entirely on what incoming data about inflation and the economy say. But the report also suggested overall sentiment among consumers is weakening more than economists expected. That could undercut strong spending by consumers, which has kept the economy strong recently but also added upward pressure to inflation.
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