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Stock Markets Today: October 4, 2023 . How Wall Street bounced back from a slump
Wall Street recovered some of its losses on Wednesday, thanks to easing bond yields and lower oil prices. The S&P 500 rose 0.8%, after hitting a four-month low on Tuesday. The Dow Jones Industrial Average gained 0.4%, while the Nasdaq composite outperformed with a 1.4% increase. Stocks have been under pressure from soaring Treasury yields, which make borrowing more expensive and reduce the appeal of stocks. The yield on the 10-year Treasury fell to 4.73% from 4.80% on Tuesday, following reports of weaker-than-expected hiring and slower growth in the services sector. These reports suggested that the U.S. economy may be cooling down, which could ease inflation fears and persuade the Federal Reserve to be more cautious with interest rate hikes. The Fed has already raised its main interest rate to the highest level since 2001, and signaled that it may keep it higher next year than previously anticipated.
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