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Stocks rebound as Microsoft supports gains
The U.S. stock markets rose today, Thursday, to recover losses from the previous session following the Federal Reserve's decision to keep interest rates unchanged. Microsoft led the gains with its stock climbing 15% after announcing strong growth in its Azure cloud computing platform business. The Nasdaq posted its best daily performance since June 15, increasing by 2.5%, while the S&P 500 rose by 1.4%. The Dow Jones Industrial Average gained approximately 511 points, or about 1%. However, pressures persisted due to ongoing inflation remaining above the target, as the Personal Consumption Expenditures (PCE) price index showed an annual increase of 3.3% in June, and economic growth slowed to 1.5% in the second quarter. The market also experienced sharp declines on Wednesday's session, driven by rising Treasury bond yields and investor reactions, with the 30-year bond yield stabilizing at its highest level since 2007.
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