Wall Street’s three major indices rallied to close up more than 2% on Monday as US Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year’s final quarter.
Further supporting rate-sensitive growth stocks, the benchmark US 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.Oil majors ExxonMobil and Chevron rose more than 5%, tracking a jump in crude prices as sources said Opec and its allies are considering their biggest output cut since the start of the Covid-19 pandemic.
The Institute for Supply Management said its manufacturing PMI dropped to 50.9 this month, missing estimates but still above 50, indicating growth. All three major indices ended a volatile third quarter lower on Friday on growing fears that the Federal Reserve’s aggressive monetary policy will tip the economy into recession.
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