Wall Street is roaring into October, and stocks are rallying toward their best day in months Monday as falling bond yields ease some of the pressure that’s battered markets.
The S&P 500 was 3% higher in afternoon trading, the latest swing for a scattershot market that’s been mostly falling this year on worries about a possible global recession. It’s coming off its worst month since the coronavirus crashed markets in early 2020.
While that may seem discouraging, it could mean the Federal Reserve won’t have to be so aggressive about raising interest rates in order to beat down the high inflation damaging households’ finances. Besides stocks, lower rates also boost prices for everything from cryptocurrencies to gold, which can suddenly look a bit more attractive when bonds are paying less in income.
The lift helped stocks of energy-producing companies to big gains. Exxon Mobil leaped 5.3%, and Chevron climbed 5.7%.
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