A late rally helped stocks close higher on Monday as long-term Treasuries rose above 3% ahead of the Fed meeting this week
Strong earnings from big tech helped boost the stock market on Thursday, led by Meta, PayPal and Qualcomm .
Equities were mixed as the US Dollar continues to strengthen against the Euro and Japanese Yen.
Investors sold off growth stocks ahead of big tech earnings this week, fearing the worst for the outlook on future growth. Microsoft and Google painted different pictures with their earnings reports after the market closed.
Investor sentiment changed mid-day, reversing a gap-down open into gains across all major indexes by the end of the day.
Indexes continued to dip as investors absorbed the likely 50-basis point interest rate hike coming in a few weeks.
‘s Jerome Powell has spoken and a 50 basis point interest rate hike is practically certain. The day started out well but then equities slid as Treasury yields rose.
Yields on longer-term treasuries dropped sharply today as did the US Dollar index . Growth stocks led the Nasdaq lower while the Dow Jones Industrial Average closed higher.
Strong earnings reports thus far in the quarter helped investor confidence in the market and push indexes higher today.
Stock indexes receded as treasury yields rose on the emerging likelihood of a recession in the next two years.