Wall Street Gains on Strong Economy

Stock markets on Wall Street rose at the end of a volatile week, supported by strong economic data. The S&P 500 index gained as U.S. business activity increased at the fastest pace in over four years. The Nasdaq 100 also ended a five-day decline, ahead of Nvidia’s earnings announcement. Bitcoin's value surpassed $77,000, heading toward its largest weekly gain since the start of 2023. Meanwhile, U.S. Treasury bonds experienced slight losses, and the dollar remained near its lowest levels since May, amid concerns over rising bond yields fueled by inflation fears and excessive government spending. Investors await a forthcoming initiative from the Treasury Secretary to stabilize financial markets. Forecasts suggest that long-term Treasury yields will stabilize in the coming weeks, although market sensitivity to risks is increasing. A failure by the Treasury Secretary to curb yields could lead to a weaker dollar and increased betting against high-risk assets. There are expectations that government efforts to keep long-term bond yields below 5% may fall short, which could pressure the dollar and impact stock markets and the financial sector ahead of the November elections. Meanwhile, oil prices continued to head for weekly gains amid uncertainty surrounding Iran’s impeachment campaign and regional conflicts.

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