Finance

Dow, S&P surge on energy and industrials

Dow, S&P surge on energy and industrials

The Dow and S&P 500 has advanced to halt a two-session losing skid, buoyed by gains in industrial and energy shares as US Treasury yields eased, while the Nasdaq lost ground for a third straight session.

Investors will get more news out of the Fed on Thursday, as New York Fed President William Dudley, Atlanta Fed President Raphael Bostic, and Dallas Fed President Rob Kaplan are all due to deliver remarks. In the last minutes of trade, however, the good mood was dazzled by the 10-year United States government bond yield, which reached a four-year high of 2.95%.

Congressional testimony by new Federal Reserve Chairman Jerome Powell is also likely to attract next Wednesday amid lingering concerns about the outlook for interest rates. "This suggests to me that it may be appropriate later this year to begin an assessment of our current monetary policy framework and alternatives".

As John Dizard recently noted in the Financial Times: "A lot of older people and opioid addicts must rejoin the labour force and work efficiently to keep the economy ticking over without an inflationary blowout or a bond market crash".

Mester has said she thinks policymakers should raise rates three to four times this year and next.

"It may be appropriate later this year to begin an assessment of our current monetary policy framework and alternatives", Mester said in prepared remarks to a conference of central bankers and economists in NY.

The yield on the benchmark ten-year note, which moves opposite of its price, is pulling back off the four-year closing high set in the previous session.

That said, the Fed might react to market swings, should they continue, by implementing rate hikes as well.

Earlier this month, stocks suffered their first 10 percent pullback since early 2016.

The gold rose after the publication of the Fed's meeting minutes.

However, investors have grown concerned that signs of rising wage and inflation pressures might prompt it to speed up the rate hikes. He said he is looking for clues if the stricter bank underwriting standards and higher commercial interest rates have helped curb market volatility, but so far he hasn't seen any. It wasn't just stock investors, either.

Meanwhile, US home sales fell unexpectedly for a second consecutive month in January and experienced their largest decline on an annual basis over three years, according to the National Association of Realtors on Wednesday. Yellen presided at the January meeting, which occurred before the market turmoil, and the Fed left rates unchanged.

Bullard told CNBC on Thursday that central bankers need to be careful not to increase interest rates too quickly this year because that could slow the economy too much.

Stocks careened into the red on Wednesday after the release of surprisingly hawkish Federal Reserve meeting minutes.


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