New York Stock Market Eases Inflation and Treasury Yield Pressure (Comprehensive)

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market staged a relief rally as fears of inflation eased.

[Image source=Reuters Yonhap News]

On the 10th (local time), the Dow Jones Industrial Average rose 464.28 points (1.46%) to close at 32,297.02, the S&P 500 index gained 23.37 points (0.6%) to 3,898.81, and the Nasdaq fell 4.99 points (0.04%) to finish at 13,068.83.

The Dow set an all-time high both intraday and at the close, while the Nasdaq maintained gains during the day but turned slightly negative before the close.

On this day, the market focused on the Consumer Price Index (CPI), which reflects inflation concerns, and the U.S. Treasury bond auction.

As a result, inflation fears weakened and Treasury yield volatility stabilized, calming investor sentiment.

The February CPI released by the Department of Labor rose 0.4% month-over-month, but the core CPI excluding food and energy increased only 0.1%, lower than expected, reducing inflation fears.

The Treasury auction results released in the afternoon also stimulated risk asset investor sentiment. Unlike the 7-year auction last month that shocked the market, there was no such situation this time.

Following the U.S. Treasury auction, the 10-year yield fell to the low 1.5% range, down 0.1 percentage points from the 1.6% level recorded earlier this week.

The news that the $1.9 trillion stimulus bill passed the House, which could have affected Treasury yields, did not impact market rates.

By stock, Apple recorded a slight decline, and Tesla recovered to $700 intraday but closed down 0.82% at $668.

GameStop, favored by individual investors, showed high volatility, rising as much as 40% intraday before quickly turning downward.

The game company Roblox, which directly listed on the New York Stock Exchange that day, opened at $64.50 and closed up 7% at $69.50.

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