The Dow Jones Industrial Average rose 306.14 points, or 0.97 per cent, to 31,802.44, the S&P 500 lost 20.59 points, or 0.54 per cent, to 3,821.35 and the Nasdaq Composite dropped 310.99 points, or 2.41 per cent, to 12,609.16. — Reuters picNEW YORK, March 9 ― A gauge of global stocks dipped in choppy trading yesterday as investors eyed the yield on US Treasuries for signs of inflation pressures in the wake of the US Senate's passage of a US$1.9 trillion stimulus bill.
“It is just if those rates start to get away from you on inflation expectations, then the multiples on stocks come down and there is more concern about that,” he added. US Treasury Secretary Janet Yellen said yesterday that President Joe Biden's coronavirus aid package will provide enough resources to fuel a “very strong” US economic recovery, and noted “there are tools” to deal with inflation.
“I don't think it's a long-term inflation issue yet. But near-term, all the signs and pressures are there. And the only thing fighting against it a bit is the stronger dollar.” Shares of banks and automakers lifted European shares as investors continued to move into economy-linked sectors on hopes of a solid rebound from the coronavirus downturn.