Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets closed higher despite rising bond yields


US markets closed higher despite rising bond yields

The US markets closed higher on Wednesday, with major indexes advancing in a broad rally as investors appeared to shake off fears of rising bond yields, helping equities resume a recent uptrend. In addition, there was some political uncertainty surrounding North Korea, after Pyongyang overnight signaled its leader, Kim Jong Un, might pull out of next month's summit with President Donald Trump if the US insists on denuclearization for the isolated nation. St. Louis Federal Reserve Bank President James Bullard said he believes the Fed's policy rate is pretty close to neutral, and that further rate hikes would act to slow economic growth and push downward on inflation.

On the economy front, industrial production rose 0.7% in April. The gain was slightly above expectations of a 0.6% increase. There was a mix of revisions to the prior two months that were downward on net. Still, output rose at a 2.3% rate in the first quarter. Capacity utilization rose to 78% in April, a three-year high. Manufacturing output rose 0.5% in April after a flat reading in March. Motor vehicle output fell 1.3%. Mining output, which includes oil and gas production, rose 1.1% while utility output was up 1.9%. In April, the rise in industrial production was supported by increases in every major market group.

On the other hand, construction on new houses dropped 3.7% in April. The annual rate of new homes being built declined to 1.29 million last month from a revised 1.34 million pace in March that was the strongest since mid-2007.

The Dow Jones Industrial Average gained 62.52 points or 0.25 percent to 24,768.93, the Nasdaq gained 46.668 points or 0.63 percent to 7,398.30, and the S&P 500 was up by 11.01 points or 0.41 percent to 2,722.46.

Related News

View all news

US markets end significantly higher on optimism about US-China trade talks

The US markets ended significantly higher on Friday amid increasing hopes for a US-China trade deal. As per the report, officials from both the US and China will continue trade talks next week in Washington,......

US markets end lower on weak retail sales

The US markets ended mostly in red on Thursday after a report from the Commerce Department unexpectedly showed a substantial decrease in retail sales in December, increasing the appeal of safe havens like......

US markets settle higher as US-China trade optimism persists

Extending their previous session's rally, the US markets ended higher on Wednesday after President Donald Trump said he may let a China trade-deal deadline slide if the two sides were making enough progress.......

Top News

View all news

Paramount Communications bags major order from Kerala State Electricity Board

Paramount Communications has bagged orders worth Rs 69.53 crore from Kerala State Electricity Board, Kerala. The order is for supply of HT & LT Aerial Bunch Cables, with a delivery schedule of......

Cyient completes acquisition of remaining 26% stake in Cyient DLM

Cyient has completed acquisition of remaining 26% stake in Cyient DLM. Post to this acquisition, Cyient DLM has now become a wholly owned subsidiary of the company. Earlier, the company had signed definitive......

NBCC bids to take over bankruptcy-bound Jaypee Infratech

NBCC (India) has bid to acquire bankruptcy-bound Jaypee Infratech and complete stalled over 20,000 housing units in Noida in the state of Uttar Pradesh. A meeting of the committee of creditors will be......