BUSINESS US stocks open higher as bond yields stabilize

BUSINESS

US stocks open higher as bond yields stabilize

Xinhua

23:04, August 08, 2019

NEW YORK, Aug. 8 (Xinhua) -- U.S. stocks opened higher on Thursday as concerns for global economic slowdown were eased after global bond yields stabilized.

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Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S. (Photo: VCG)

Shortly after the opening bell, the Dow Jones Industrial Average added 106.62 points, or 0.41 percent, to 26,113.69. The S&P 500 rose 15.71 points, or 0.54 percent, to 2,899.69. The Nasdaq Composite Index increased 54.83 points, or 0.70 percent, to 7,917.66.

Yields plummeted around the world on Wednesday as investors piled into safer assets on worries over the global economy. Bond yields declines could also fuel pullbacks in the stocks market.

The U.S. Benchmark 10-year Treasury note yield traded at 1.75 percent on Thursday, bouncing back from a low of 1.62 percent registered in the previous session.

On the economic front, in the week ending August 3, the advance figure for seasonally adjusted initial claims was 209,000, a decrease of 8,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 215,000 to 217,000, according to the Labor Department on Thursday.

The four-week moving average was 212,250, an increase of 250 from the previous week's revised average. The previous week's average was revised up by 500 from 211,500 to 212,000, said the department.

In corporate news, Lyft reported quarterly earnings results that beat market expectations Wednesday after market close. It reported revenue of 867.3 million U.S. dollars, an increase of 72 percent year-over-year.

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