Dow Jones rises 600 points for strong daily gain
The U.S. stock markets rose significantly, with the Dow Jones Industrial Average gaining 635 points, or 1.2%, marking its largest daily gain since August 4. This increase was supported by declining Treasury yields and expectations that the Federal Reserve will refrain from raising interest rates until further notice. These developments followed statements by Federal Reserve officials indicating a preference to keep interest rates steady unless inflation data surprises to the upside, leading to a drop in the 10-year Treasury yield to around 4.75%. Additionally, the chances of a rate hike in the next two weeks decreased to 50.4% from 63.2%, buoyed by a strong Japanese yen and rising oil prices, with West Texas Intermediate crude climbing to approximately $92 and Brent crude surpassing $96. On the company level, Snowflake’s stock surged over 19% following strong quarterly results, while Broadcom's shares fell 4% after weaker earnings and disappointing revenue forecasts.
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