Wall Street is climbing following some encouraging signals on inflation, but it’s still likely to close September with its worst month of the year so far.
, but it’s still likely to close September with its worst month of the year so far.
The Standard & Poor’s 500 was 0.6% higher in morning trading and on track for its first three-day winning streak of the month. The Dow Jones industrial average was up 77 points, or 0.2%, at 33,743, as of 10:50 a.m. Eastern, and the Nasdaq composite was 1.1% higher. Nike jumped 7.6% after reporting better profit for the latest quarter than analysts expected. Strength overseas helped it make up for some declines in North America.
Stocks broadly got a boost after yields in the Treasury market eased further off their highest levels in more than a decade. Yields fell after a report showed the measure of inflation that the Federal Reserve prefers to use was a smidgen cooler last month than economists expected.The 10-year Treasury yield pulled back to 4.52% from 4.58% late Thursday. It charged this week to its highest level since 2007, up from 3.50% in May and just 0.50% in 2020.
When Treasurys, which are seen as some of the safest investments possible, are paying higher yields, investors are less likely to pay high prices for stocks and other riskier investments. That’s a big reason why the S&P 500 has dropped roughly 4% in September to drag what had been a big gain for the year below 13%.for longer.
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