The Dow Jones Industrial Average gained 295.07 points, closing at 53061.95, while the S&P 500 rose 0.46% to 7666.60. Technology stocks followed suit, with the Nasdaq Composite adding 118.05 points to finish at 26217.83. This broad market uptick arrived even as investors parsed lackluster employment data, with private companies adding just 38,000 jobs in August—the lowest monthly growth since January.
In section Market Quotes
Wall Street Climbs as Oil Prices Surge Amid Iran Tensions
Oil prices climbed to $91.01 a barrel today, fueled by escalating hostilities between the United States and Iran that threaten to keep the Strait of Hormuz effectively shuttered. Despite the geopolitical pressure, U.S. markets managed a steady advance as the recent, rapid climb in Treasury yields finally lost its momentum.
Bond markets provided a reprieve from the recent selloff, as yields on the two-year Treasury note dipped to 4.383% and the 10-year note eased to 4.793%. This shift broke a five-session streak of rising rates, offering a moment of stability for equity traders. Meanwhile, New York Federal Reserve President John Williams signaled a potential pivot in his policy stance, suggesting he might support a rate hike despite his previous preference for a patient approach.
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