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U.S. stocks trade higher as bond yields ease

Xinhua,February 23, 2018 Adjust font size:

NEW YORK, Feb. 22 (Xinhua) -- U.S. stocks traded higher on Thursday, as the market tried to recover from a two-day losing streak.

At midday, the Dow Jones Industrial Average gained 276.52 points, or 1.12 percent, to 25,074.30. The S&P 500 increased 23.75 points, or 0.88 percent, to 2,725.08. The Nasdaq Composite Index was up 47.56 points, or 0.66 percent, to 7,265.79.

Major indices gave up sharp gains on Wednesday after the Federal Reserve's January meeting minutes sent the benchmark 10-year U.S. Treasury yield to 2.956 percent, its highest level in four years. On Thursday, the yield traded lower at 2.910 percent.

According to the minutes, Fed officials see increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually.

On the economic front, the number of Americans filing for unemployment benefits unexpectedly fell to a near 45-year low last week, but claims for six states were estimated because of Monday's Presidents Day holiday.

In the week ending on Feb. 17, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 7,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 230,000 to 229,000.

The four-week moving average was 226,000, a decrease of 2,250 from the previous week's revised average. The previous week's average was revised down by 250 from 228,500 to 228,250. Enditem

 

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