Federal Reserve officials keep making more and more “hawkish” comments, but shares on Wall Street continue to rebound. US equities rallied for the fifth time in six sessions on Tue.
The Dow Jones Industrial Average gained 254.47 pts, or 0.74%, to close at 34,807.46. The broader S&P 500 index rose 1.13%. The tech-heavy Nasdaq Composite advanced 1.95%. The small-cap Russell 2000 gained 1.08%.
Financials were among the best-performing stocks on the day as the 10-year Treasury yield climbed to its highest level since May 2019. The yield on the 10- year Treasury note notched up 9.28 basis points (bps) to 2.3825%.
Starbucks (SBUX US, +1.19%) staff at a Seattle location unanimously voted to unionize, a first in the company’s hometown.
The most actively traded US gold futures (Apr) contracts settled down $8.00, or 0.4%, at US$1,921.50/oz. May silver, which is the most actively traded silver futures, fell 40.9 cents, or 1.6%, to end at US$24.904/oz.
The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, was little changed at 98.493.
The front-month Brent and WTI futures closed down 14 cents at US$115.48/bbl and 36 cents at US$111.76/bbl respectively.
European equity markets finished higher on Tue. The UK FTSE gained 0.46%, France's CAC 40 rose 1.17%, while the German DAX advanced 1.02%.