U.S. stocks trade higher amid long-term bonds yield rebounds

0 Comment(s)Print E-mail Xinhua, May 31, 2019
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NEW YORK, May 30 (Xinhua) -- U.S. stocks traded a bit higher on Thursday, as investors were somewhat relieved by rebounds in U.S. long-term government debt yields.

At midday, the Dow Jones Industrial Average rose 4.25 points, or 0.02 percent, to 25,130.66. The S&P 500 was up 1.57 points, or 0.06 percent, to 2,784.59. The Nasdaq Composite Index increased 11.50 points, or 0.15 percent, to 7,558.80.

Yields of U.S. 10-year and five-year Treasury bonds bounced back to 2.245 percent and 2.055 percent respectively on Thursday morning, narrowing their gaps between the 2.367 percent of three-month note yield.

The readings flattened the inverted yield curve coming out on Wednesday, mitigating market fears over a potential economic recession.

On the economic front, U.S. real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the first quarter, according to the second estimate released by the Bureau of Economic Analysis on Thursday.

Based on more complete source data, the first-quarter reading came higher than the 2.2 percent in the fourth quarter of 2018, yet was revised lower than the 3.2 percent of the first estimate issued last month.

Six of the 11 primary S&P 500 sectors traded higher around midday, with the real estate sector up around 0.54 percent, leading the gainers.

Shares of Sanderson Farms rose about 4 percent, as the U.S. poultry producer reported stronger-than-expected earnings for the first quarter.

Shares of PVH Corp plunged around 13.6 percent, as the apparel producer missed market estimates for its first-quarter revenue.

The maker of the Calvin Klein and Tommy Hilfiger also slashed its full-year guidance due to concerns over U.S.-China trade tensions. Enditem

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