Stock Market Wrapup June 13th
Wall Street rebounded smartly Wednesday, propelling the Dow Jones industrial average up 187 points as bond yields eased and economic data came in stronger than expected.
The Dow saw its biggest point gain since July 19, 2006, and more than made up for a plunge a day earlier that was fueled by the benchmark 10-year Treasury note yield's surge to five-year highs. Rising bond yields amid inflation concerns had been pummeling stocks since last week.
Investors were also pleased about the Federal Reserve's Beige Book report, which said the U.S. economy kept expanding at a moderate pace in the first part of the second quarter, and that various regions around the United States "did not indicate an increase in overall price pressures." The central bank's next meeting on interest rates will be held in two weeks.
The Dow saw its biggest point gain since July 19, 2006, and more than made up for a plunge a day earlier that was fueled by the benchmark 10-year Treasury note yield's surge to five-year highs. Rising bond yields amid inflation concerns had been pummeling stocks since last week.
Investors were also pleased about the Federal Reserve's Beige Book report, which said the U.S. economy kept expanding at a moderate pace in the first part of the second quarter, and that various regions around the United States "did not indicate an increase in overall price pressures." The central bank's next meeting on interest rates will be held in two weeks.
posted by Stock Administrator @ 11:54 PM
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