Nasdaq rises as US bond yields retreat | Money


A man walks past the Nasdaq MarketSite in New York’s Times Square, August 23, 2013. — Reuters pic

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NEW YORK, Feb 26 — The Nasdaq climbed early today, recovering some of the prior session’s losses, as US Treasury yields retreated and markets anticipated progress in Congress on President Biden’s economic relief package.

About 25 minutes into trading, the tech-rich Nasdaq Composite Index jumped 0.6 per cent to 13,193.01, after sinking 3.5 per cent yesterday.

The Dow Jones Industrial Average dipped 0.4 per cent to 31,285.02, while the broad-based S&P 500 added 0.2 per cent at 3,834.90.

Tech shares were hammered Thursday, part of a rout spurred by worries over rising US bond yields that investors fear hearken inflation and Federal Reserve interest rate hikes.

But bond yields declined Friday, even as government data showed a jump in US personal income last month following a government stimulus enacted in December.

The House of Representatives was expected to vote later on Biden’s US$1.9 trillion rescue package to provide additional relief to the coronavirus-ravaged economy.

Investors also have been cheered by regulatory progress on Johnson & Johnson’s single-dose coronavirus vaccine, which could be approved for emergency use later Friday.

Among individual companies, Beyond Meat gained 3.1 per cent after sealing partnerships with fast-food giants McDonald’s and Yum! Brands, which owns Taco Bell and Pizza Hut among other chains.

Twitter gained 3.8 per cent, moving to an all-time high, as it announced plans to offer a subscription service in which users would pay for special content from high-profile accounts, part of an economic model to diversify its revenue.

AT&T fell 0.3 per cent as it announced it would spin off DirecTV and other assets into a company that will be jointly owned with private equity firm TPG. — AFP



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