Wall Street rises as debt and energy worries fade | Wall Street Journal Business and Economic News

In recent weeks, the market has been hit by concerns about the energy crisis, rising inflation and reduced stimulus measures.

U.S. stocks rose on Thursday, due to progress in negotiations on the U.S. debt ceiling and the easing of concerns about energy tightening in Europe.

The Standard & Poor’s 500 index rose by 1.5% at one time, and then subsided with news that China plans to strengthen the supervision of technology companies. The gains were led by the materials and consumer discretionary sectors, making the benchmark index expected to record its best three-day gains since July. The U.S. 10-year Treasury bond yield rose to 1.57%, the highest since June.

Giorgio Caputo, senior portfolio manager at JO Hambro Capital Management, said: “We have 24 hours and we have withdrawn from some of the key risk drivers related to the market.”

In the past month, the market has been hit by concerns about the energy crisis, rising inflation, reduced stimulus measures and slowing growth. However, the prospect of a short-term extension of the US debt ceiling is alleviating concerns about political quarrels. After the signal that Russia may increase its supply to Europe, natural gas prices also fell on Thursday.

“The market volatility we saw here this week-we rose one day and fell the next day-actually reflects the news cycle and the different news we receive,” Chris Gaffney, President of TIAA Bank Global Markets, Speak by phone.

Next, everyone’s eyes will be on Friday’s non-agricultural employment numbers in the United States, which may provide clues to the Fed’s timetable for cutting bond purchases. There is growing optimism that the report will show the kind of “decent” job growth that Fed Chairman Jerome Powell hopes for. Last week, the number of first-time jobless claims in the United States fell more than expected, while ADP employment data exceeded expectations in September.

Speaking of the latest employment data, Gaffney said: “Both of them really reflect that the job market is strengthening and people are returning to work.” “This is undoubtedly a good sign for the future market, because the more people work More, as people return to work, the more they will spend.”

After the U.S. Department of Energy stated that it had no plans to develop oil reserves, oil reversed its losses. The dollar has hardly changed. Gold fell.

For more market analysis, please read our MLIV blog.

Here are some events worth watching this week:

The Reserve Bank of India’s monetary policy decision on Friday
The U.S. Department of Labor releases unemployment and job creation data on Friday
Some major trends in the market:

stock

• As of 3:29 pm New York time, the S&P 500 Index rose 1.1%
• Nasdaq 100 Index up 1.2%
• The Dow Jones Industrial Average rose 1.2%
• MSCI World Index rose 1.3%

currency

• The Bloomberg Dollar Spot Index has not changed much
• The euro has hardly changed against the dollar, at 1.1553
• British pound rose 0.3% to $1.3619
• The yen fell 0.2% against the dollar to 111.63

Bond

• The 10-year U.S. Treasury bond yield rose by 5 basis points to 1.57%
• The yield on German 10-year government bonds has hardly changed, at -0.19%
• The yield on the UK 10-year government bond has hardly changed, at 1.08%

commodity

• West Texas Intermediate crude oil rose 1.3% to $78.77 per barrel
• Gold futures fell 0.3% to $1,756.30 per ounce