Stocks rose Thursday, as Wall Street tried to regain some of this month’s steep losses amid rising Treasury yields.
The Dow Jones Industrials leaped 157.39 points to move into noon hour Thursday at 33,707.66.
The S&P 500 index added 28.37 points to 4,302.88.
The NASDAQ index sprang up 98.35 points to 13,191.20.
Communication services proved the best-performing S&P 500 sector, rising 0.8%. Financials also advanced 0.7%. JPMorgan Chase and UnitedHealth led the Dow higher with gains of more than 1%.
Wall Street is also keeping an eye on Washington, as lawmaker negotiations on a U.S. spending bill continue before a Oct. 1 deadline. House Speaker Kevin McCarthy told reporters Thursday morning that he was confident that Congress would avoid a shutdown this weekend, though he criticized a bill proposed by the Senate for not dealing with border security. Traders have their doubts that McCarthy can get his party in the House aligned by the deadline.
Prices for the 10-year Treasury fell back, raising yields to 4.63% from Wednesday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices slid 60 cents to $93.08 U.S. a barrel.
Gold prices stumbled $12.70 to $1,878.20.