Dow jumps 400 points in final half-hour, stocks brush aside climbing bond yields

U.S. stocks were hovering near session highs in the half-final hour of trade Thursday, shaking off earlier weakness and pressure from higher U.S. government bond yields. The Dow Jones Industrial Average DJIA, +1.05% was up 394 points, or 1.2%, near 33,052, while the S&P 500 index was up 0.9% and the Nasdaq Composite Index was 0.9% higher, despite trading in negative territory earlier in the session.

All eyes were on the push higher by the benchmark 10-year Treasury yield TMUBMUSD10Y, 4.075% above 4%, as well as positive momentum for Dow-component Salesforce Inc, CRM, +11.51% after it reported better adjusted earnings than expected in the fourth quarter. Investors also appeared to welcome remarks from Atlanta Fed President Raphael Bostic, who on Thursday said he was firmly in support of a 25 basis point rate increase at the central bank’s late-March policy meeting.

Thank Bostic + Algos

climbing bond yields and mortgage rates going over 7

BULLS

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QVC Parent Company Qurate Lays Off 400 as Part of Turnaround PlanQurate Retail Group, the owner of West Chester’s QVC, HSN and several other properties, said Tuesday it was laying off roughly 400 employees as part of a broader turnaround plan, reports the Philadelphia Business Journal.
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