- US stocks rose Thursday even as the 10-year Treasury yield hits the highest since 2008.
- The benchmark rate reached 4.30% after hawkish comments from the Fed.
US stocks opened higher Thursday amid positive earnings reports, while the 10-year Treasury yield hit the highest level since 2008.
Dow Jones Industrial Average components Walmart and Cisco rallied after reporting strong quarterly earnings.
Meanwhile, the 10-year yield reached 4.30% before easing back a bit. On Wednesday, minutes from the Federal Reserve's meeting last month revealed that policymakers remained concerned about inflation and were open to further rate hikes.
The Labor Department also reported early Thursday that jobless claims fell to 239,000 last week from 248,000 in the prior week, largely matching forecasts for 240,000.
The Philadelphia Fed's manufacturing index improved to 12.0 in August from -13.5 in July, topping estimates for -10.2.
Here's where US indexes stood after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 4,419.66, up 0.38%
- Dow Jones Industrial Average: 34,851.37, up 0.25% (85.63 points)
- Nasdaq Composite: 13,525.47, up 0.38%
Here's what else is going on today:
- Stocks will charge higher as economic fears fade and bears give up, Bill Miller said.
- Ken Griffin's Citadel is having another good year as its flagship fund surges 9%.
- US real yields surge to 2009 highs, recalling post-Lehman carnage.
- Load up on bonds for their juicy yields before the stock-market rally loses steam, said Morgan Stanley.
In commodities, bonds, and crypto:
- Oil prices were lower. West Texas Intermediate crude oil climbed 1.1% to $80.26 a barrel. Brent, the international benchmark, rallied 1% to $84.29 a barrel.
- Gold edged up 0.08% to $1,930 per ounce.
- The yield on the 10-year Treasury rose 4 basis points to 4.298%.
- Bitcoin dipped 2.1% to $28,486.