NEW YORK: Wall Street stocks climbed early Wednesday as Treasury bond yields retreated and lawmakers in Congress sought a short-term spending bill that could avert a partial US government shutdown.
Analysts said the market is poised for a bounce after a downcast September – one that has worsened in recent days as bond yields have climbed on the back of investors betting that interest rates will stay high for longer.
Efforts in the Senate at a funding bill to avert a shutdown after the September 30 deadline “help ease the mood of uncertainty hovering over markets,” said Quincy Krosby of LPL Financial, who also noted better-than-expected durable goods data as beneficial to stocks.
About 15 minutes into trading, the Dow Jones Industrial Average was essentially flat at 33,623.59.
The broad-based S&P 500 gained 0.4 percent to 4,287.47, while the tech-rich Nasdaq Composite Index jumped 0.6 percent to 13,142.57.
US equities have fallen four of the last five days, including Tuesday, when major indices lost more than one percent.
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