Markets

US stocks rise ahead of Fed report

Published February 23, 2018 Updated February 23, 2018 03:50pm

About 15 minutes into trading, the Dow Jones Industrial Average stood at 25,129.45, up 0.7 percent.

The broad-based S&P 500 gained 0.6 percent to 2,720.95, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 7,259.17.

Worries about US interest rates have hovered over the market since the strong February 2 jobs report raised the prospect that the Fed would accelerate its pace of rate increases. US stocks have been volatile since the jobs data.

The Fed is scheduled to release a monetary policy report later Friday that will serve as a foundation for congressional testimony by new Fed chief Jerome Powell next week.

Traders have been keeping close watch on the yield of the 10-year US Treasury bond as a proxy for interest rates. The yield retreated early Friday.

Natural pet food company Blue Buffalo Pet Products soared 16.8 percent after agreeing to be acquired by General Mills for $8 billion. General Mills dropped 4.1 percent.

HP Inc rose 8.2 percent and Hewlett Packard Enterprises surged 9.6 percent after both companies reported better-than-expected earnings.

Copyright AFP (Agence France-Press), 2018