US stocks rally as treasury yields steady
Wall Street's main indexes ended higher on Thursday as investors assessed the latest batch of economic data and as a surge in Treasury yields stalled ahead of a key inflation report. Investors were also watching developments in Washington to see whether U.S. lawmakers could avert a government shutdown. The recent move in Treasury yields to 16-year highs has loomed over the stock market, which has pulled back after the Federal Reserve last week signalled a hawkish long-term outlook for interest rates. The benchmark 10-year Treasury yield pausing at around 4.6 percent was bringing "relief," said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Co. "Markets in general the last few days have been really, really choppy," Stucky said. "A little bit of a counter trend rally is to be expected after three or four pretty sharply negative days.” The Dow Jones Industrial Average rose 116.07 points, or 0.35 percent, to 33,666.34, the S&P 500 gained 25.19 points, or 0.59 percent, to 4,299.70 and the Nasdaq Composite gained 108.43 points, or 0.83 percent, to 13,201.28.