Dow jumps more than 400 points, breaks through the 29,000 line

The Dow Jones Industrial Average jumped more than 400 points, breaking the 29,000 line today, the first trading day of October. and the first day of the 4th quarter

Foreign media did not mention the meeting of the governors of the Federal Reserve (Fed) on Wall Street today. This meeting is not an urgent meeting. or the next meeting of the Fed’s Monetary Policy Committee (FOMC).

At 9:05 pm GMT, the Dow Jones Industrial Average was 29,172.34, up 446.83, or 1.56%, while the S&P 500 rose 1.52% and the Nasdaq rebounded 1.18%.

Investors send a speculative buy into the market. After the Dow fell 500 points last Friday. While the United States revealed higher than expected inflation numbers. This will be a factor that supports the Fed’s rate hike.

Energy stocks jump to lead the market in line with the increase in oil prices in the market Responding to the prediction that the Organization of the Petroleum Exporting Countries (OPEC) and its Allies or OPEC Plus will cut major production capacity at its meeting on Wednesday .

In addition, today’s trading was driven by a decline in US Treasury yields.

The 10-year US Treasury Bond is a reference to the price of bonds around the world. This includes the US mortgage interest rate. If government bond yields were to rise it would make consumers have less money to spend while the cost of paying mortgage loans increases AND companies will face higher costs of paying debts. As a result, these companies reduce their investment. and reduce dividend payments to investors

Investors will be keeping an eye on the release of non-farm payroll numbers for September on Friday.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.