US stocks climb as bond yields slip from 16-year highs

• US stocks moved higher on Thursday, while bond yields fell.
• The Dow Jones Industrial Average gained more than 100 points.

US stocks closed in the green on Thursday as bond yields retreated from multi-year highs.

Investors pushed stocks higher as they try to rebound from steep losses in the month. The 10-year US Treasury edged down from its highest market since 2007, giving some relief to traders that have been dealing with the outlook for higher-for-longer interest rates since last week's Federal Reserve policy meeting.

"As we've been highlighting the market has been stuck in a bit of a negative feedback loop without a clear catalyst to break that," Michael Reinking, senior market strategist at the NYSE said. "The moves in equities, the US dollar, bonds and oil are all starting to approach extreme levels so traders are on the lookout for a counter trend overbought/oversold move."

Earlier in the day, the Labor Department announced initial jobless claims climbed to 204,000 for the week leading up to September 23, below the estimated 214,000. At the same time, continuing claims moved higher to 1.67 million, just below estimates.

Here's where US indexes stood as the market closed 4:00 p.m. on Thursday:

• S&P 500: 4,299.71, up 0.59%

• Dow Jones Industrial Average: 33,666.34, up 0.35% (+116.07 points)

• Nasdaq Composite: 13,201.28, up 0.83%

Here's what else is going on:

• Peloton stock surged following the announcement of its Lululemon partnership.
• Pending home sales plunged in August as high mortgage rates weigh on Americans.
• Home ownership is now unaffordable in 80% of US counties.
• The post-crisis era for stocks was "Easy Street" for investors, but that's unlikely to be repeated.
• Surging oil prices could cause demand to crumble, and one energy executive said that Saudi Arabia could take its "foot off the brake" sooner than markets expect to.
• Bond vigilantes may be waking up as the US deficit balloons, a market veteran said.
• Tech stocks could have a "springboard for growth" into 2024 that Wall Street has underestimated, Dan Ives said.

In commodities, bonds, and crypto:

• Oil prices dropped, with West Texas Intermediate down 2.12% to $91.68 a barrel. Brent crude, the international benchmark fell 1.43% to $95.17 a barrel.
• Gold edged lower 0.44% to $1,882.50 per ounce.
• The 10-year Treasury yield moved fell five basis points to 4.579%.
• Bitcoin climbed 2.70% to $26,959.61.