Wall Street rallied to its best day since late July as falling bond yields eased some of the pressure that’s battered markets.
The S&P 500 rose 2.6% Monday, the latest swing for a scattershot market that’s been mostly falling this year on worries about a possible global recession.
Treasury yields fell after a report on U.S. manufacturing came in weaker than expected. That could mean the Federal Reserve won’t have to be so aggressive about raising interest rates to beat down the high inflation damaging households’ finances, but analysts still see plenty more turbulence ahead.
On Monday:
The S&P 500 rose 92.81 points, or 2.6%, to 3,678.43.
The Dow Jones Industrial Average rose 765.38 points, or 2.7%, to 29,490.89.
The Nasdaq rose 239.82 points, or 2.3%, to 10,815.43.
The Russell 2000 index of smaller companies rose 44.15 points, or 2.7%, to 1,708.87.
For the year:
The S&P 500 is down 1,087.75 points, or 22.8%.
The Dow is down 6,847.51 points, or 18.8%.
The Nasdaq is down 4,829.54 points, or 30.9%.
The Russell 2000 is down 536.44 points, or 23.9%.
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