NEW YORK, July 2 ― The second half of the year started with gains in global stock indexes yesterday ahead of the long US holiday weekend, while the 10-year Treasury yield fell the most since Covid-19 hit markets in March 2020.Stocks were lower early in the New York session but rallied late to end higher. US markets will be closed Monday for the US Fourth of July holiday.
The Dow Jones Industrial Average rose 321.83 points, or 1.05 per cent, to 31,097.26, the S&P 500 gained 39.95 points, or 1.06 per cent, to 3,825.33 and the Nasdaq Composite added 99.11 points, or 0.9 per cent, to 11,127.85. The yield on 10-year notes tumbled 23.3 basis points from the open to the session's lowest point, before paring the decline, to end down 8.5 basis points at 2.889 per cent.
In the United States, manufacturing activity slowed more than expected in June, with a measure of new orders contracting for the first time in two years, more evidence the economy was cooling amid aggressive monetary policy tightening by the Federal Reserve.Three-month copper on the London Metal Exchange had eased 2.6 per cent to US$8,047 a tonne after dropping to its lowest since early February 2021 at US$7,955.