U.S. stocks rose Thursday, ending the S&P 500’s longest bear market since the 1940s and marking the start of a new bull run.
The broad index powered higher over the past few months, in large part because of a handful of companies posting outsize gains.
Many of those same stocks, including Amazon.com, Tesla and chip maker Nvidia, led the market’s advance Thursday.
That helped propel the S&P 500 up 0.6%, allowing the index to finish up 20% from its October low.
The Nasdaq Composite climbed 1% and the Dow Jones Industrial Average rose 0.5% to 33833.
Treasury yields retreated. The yield on the benchmark 10-year Treasury note was at 3.714%, down from 3.782% Wednesday. Yields fall as bond prices rise.
Analysts attributed the relative calm to traders taking a wait-and-see attitude ahead of key events next week. The Bureau of Labor Statistics will release fresh data on inflation Tuesday, while the Federal Reserve will announce its latest interest-rate decision Wednesday.
So far, positioning in futures markets suggests many traders are betting the Fed will keep interest rates unchanged in June. That might offer markets some relief in the short-term, although investors warn that there could still be more policy-tightening ahead.
“A pause does not mean they are done with rate hikes,” said Tim Courtney, chief investment officer at Exencial Wealth Advisors.
Traders are betting volatility could pick up in the coming months. The options contracts with the biggest positions tied to the Cboe Volatility Index, or Wall Street’s “fear gauge,” are wagers that it will surge to 30—a level associated with investor anxiety—or 60, a level only seen during stock-market crashes.
Among individual stocks, electric-car maker Tesla jumped 4.6% to $234.86, posting its 10th straight session of gains. That marked the company’s longest winning streak since an 11-session run that ended in January 2021, according to Dow Jones Market Data.
Carvana, the online used car retailer, rose 56% to $24.23 after saying it expects its profit to jump in the second quarter.
GameStop plunged 18% to $21.44 after the videogame retailer fired its CEO, Matt Furlong, and appointed board member Ryan Cohen as its new executive chairman.
U.S. crude oil prices initially dropped after a report suggested U.S.-Iran talks on a temporary nuclear deal could allow the Islamic Republic to export more crude. They pared some of their losses by the end of the trading day, though, finishing down 1.7% at $71.29 a barrel.
Global stock markets were mixed. Hong Kong’s Hang Seng rose 0.3% and Japan’s Nikkei 225 retreated 0.9%. The Stoxx Europe 600 finished about flat.
https://www.wsj.com/articles/global-stocks-markets-dow-news-06-08-2023-ef63fc60
[link] [comments] https://www.reddit.com/r/stocks/comments/144ptye/wsj_sp_500_ends_longest_bear_market_since_the/
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