Financial news headlines from November 10, 2023:
U.S. Stocks End Higher as Treasury Yields Stabilize
U.S. stocks ended higher on Friday, with all three major indexes gaining ground as Treasury yields stabilized. The Dow Jones Industrial Average rose 1.2% to close at 33,891.94, the S&P 500 gained 1.6% to end at 4,347.35, and the Nasdaq Composite climbed 2.1% to finish at 13,521.45.
The rebound in stocks came after a sell-off on Thursday, when the S&P 500 snapped an eight-session winning streak. Investors were spooked by a disappointing Treasury auction and comments from Federal Reserve Chair Jerome Powell that more interest rate hikes could be required to bring down inflation.
On Friday, Treasury yields edged lower, with the 10-year yield ending the day at 4.627%. The decline in yields helped to lift investor sentiment and boost stocks.
Intel and Microsoft Shares Surge as Tech Stocks Lead Market Rally
Intel (INTC) and Microsoft (MSFT) shares surged on Friday, helping to lead a rally in tech stocks. Intel shares jumped 2.8% to close at $38.86, while Microsoft shares climbed 2.5% to end at $369.67.
The gains in Intel and Microsoft shares came after both companies reported better-than-expected quarterly results. Intel also announced a new chip manufacturing plant in Ohio.
The rally in tech stocks helped to boost the Nasdaq Composite, which ended the day up 2.1%.
Oil Prices Move Higher as Energy Stocks Rise
Oil prices moved higher on Friday, with Brent crude rising 1.8% to settle at $81.43 a barrel. The gain came as investors cheered an increase in China’s oil imports.
Energy stocks also rose on Friday, with the Energy Select Sector SPDR (XLE) gaining 1.7%. The gains in energy stocks were helped by the increase in oil prices.
Other notable financial news from November 10, 2023:
- Gold Prices Rise as Dollar Loses Ground
- European Stocks End Higher as Sentiment Improves
- Asian Stocks End Mixed as Investors Weigh China’s Growth Outlook