Wall Street continued to rally positively and European stocks posted strong gains as investor concerns about rate hikes began to subside.
The Dow Jones Industrial average index rose 0.86% at 35,768.06 while the S&P 500 added 1.45% at 4,587.18 and the Nasdaq COmposite hit 2.08% at 14,490.37.
The pan-European STOXX 600 climbed 1.7% with the automaker sector leading gains by 4.0%, with Volkswagen up 6.1% and Porsche up 8.2%.
The MSCI Asia-Pacific broad index outside Japan rose 1.8% to a 2-week high and blue-chip stocks, Japan’s Nikkei jumped 1%.
Facebook owned by Meta Platform Inc jumped 5% at the same time ending the previous 5 sessions of decline besides Nvidia also recorded an increase of 2.2% and Microsoft gained 6.4%.
Meanwhile, the US 10 -year treasury yield benchmark slipped from a multi -year high, further stabilizing sentiment in global markets and boosting demand for growth stocks.
2 -year treasury yields rose to the highest level since February 2020.
Next, the dollar index which measures a total of 6 other currencies fell 0.06% while the Euro rose 0.1% and the Japanese Yen fell 0.03%.
Oil prices rose after U.S. crude oil inventories plummeted by nearly 5 million barrels and fuel demand rose to record highs.
Brent crude futures were up 77 cents or 0.9% at $ 91.55 a barrel while US West Texas Intermediate (WTI) crude added 30 cents at $ 89.66 a barrel.
Gold futures rose 0.5% at $ 1,836.60 and spot prices rose 0.38%.
Sentiment Begins to Show Signs of Recovery
Sentiment appears to have recovered slightly after receiving positive news suggesting tensions between the US and Russia over the Ukraine crisis are easing, as well as a meeting between French President Emmanual Macron and Russian President Vladimir Putin believed to further ease concerns.
