US stocks rise for the third day in a row as bond yields fall Cryptocurrency scrgruppen

October 10, 2023

Stocks in the United States rose for the third day in a row as the market continues to assess the impact of the conflict between Israel and Hamas. Bond yields fell as investors wanted to ensure the safety of US Treasuries, and these lower yields helped boost the stock market. Today was the first day Treasuries were traded since the start of the conflict between Israel and Hamas, as the bond market was closed on Monday.

The Dow Jones index rose 134.65 points (0.4%) to 33,739.30 points. The S&P 500 rose 22.58 points (0.5%) to 4,358.24. The Nasdaq rose 78.61 points (0.6%), ending the day at 13,562.84.

The yield on 10-year US Treasury bonds decreased by 0.149 points to 4.655%, and the yield on 2-year Treasury bonds decreased by 0.148 points to 4.961%. The yield on Treasury bonds is inversely related to their price, so a lower yield means a higher price. Stocks have been under pressure since July, as persistently high yields attracted investors to Treasuries rather than stocks, but today’s decline in yields was a welcome relief to stock market bulls.

Oil prices fell as war-related fears began to diminish. West Texas Intermediate crude fell $0.59 per barrel to $85.79, while Brent crude fell $0.03 to $87.62. Over the weekend, some traders began to fear renewed sanctions against Iran, which could reduce supply and lead to higher prices. But Iran denied involvement on Monday, which gradually began to lower those expectations.

Gold prices saw a decline of $0.79 per ounce, reaching $1,860.48. Despite the early decline, a rally emerged around 10:30 AM EST, enabling gold to recover a significant portion of its earlier losses.

The US dollar index rose 0.29% to 105.77. The euro rose by 0.3852%, closing at 1.0606. The yen fell 0.1%, causing the number of yen needed to buy the dollar to rise to 148.6660.

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