The S&P 500 index demonstrated a positive performance on Thursday, achieving consecutive gains for the first time in two weeks. After the recent surge in Treasury yields, there was a slight respite as the market saw improvements. According to preliminary closing data from FactSet, the S&P 500 gained 25.21 points, equivalent to a 0.6% increase, reaching 4,299.72 - marking its biggest gain since September 14. Meanwhile, the Nasdaq Composite also experienced growth, rising by 108.43 points or 0.8%, reaching 13,201.28. The Dow Jones Industrial Average followed suit, with a rise of 116.07 points or 0.4%, hitting 33,666.34.
However, despite these recent gains, all three indexes are still on track to conclude the week on a lower note. The bond market also witnessed some movement, as the yield on the 10-year Treasury note slipped by 2.9 basis points, settling at 4.596%. It is worth noting that while this represented a slight decrease, it is still one of the highest levels observed since 2007. Throughout September, rising Treasury yields, particularly on the longer end of the curve, have unsettled the stock market, resulting in a 4.6% decline in the S&P 500 by the end of Thursday's trading session.