"US Treasury Sell-Off Nears End" New York Stock Market Rises Broadly

Tesla Recovers to the $600 Range

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Despite the imminent implementation of a $1.9 trillion stimulus package, the U.S. New York stock market is showing an upward trend. With the narrowing rise in Treasury yields, both the Dow Jones Industrial Average and the Nasdaq index have turned upward.

As of 10:30 a.m. local time on the 8th, the Dow is up 1.23%, the S&P 500 is up 0.9%, and the Nasdaq is up 0.56%.

The Dow started strong on expectations of economic recovery, while the Nasdaq initially fell but then turned upward.

The U.S. 10-year Treasury yield, which has recently influenced the market, rose to the 1.6% range before the opening as the U.S. Senate processed the stimulus package over the weekend, but it is currently around 1.58%.

It is evaluated that comments by hedge fund magnate David Tepper, chairman of Appaloosa Management, suggesting that the Treasury sell-off driven by inflation concerns may have ended, helped pull down Treasury yields.

In an interview with CNBC, Tepper said that Japan, which had been a net seller of U.S. Treasuries, might resume purchasing them, potentially bringing buying pressure into the Treasury market.

He also mentioned that Treasury yields are likely to stabilize for the time being, making stock investments safer. Additionally, he said that recent corrections have made Amazon stock appear cheap.

Financial stocks are leading the gains today, while Tesla shares, which had been plunging, have risen back above the $600 level. Tesla shares are trading at around $608, up 1.7% from the previous day.

This content was produced with the assistance of AI translation services.