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US stocks rallied on Thursday, boosted by progress on US debt-ceiling talks and easing fears of Europe's energy crisis.
The S&P 500 rose by 1.5%, but then it almost halved on the back of China's plans to tighten control of tech companies. The leaders of growth were the commodity and consumer sectors, which extended their three-day rally to 2.3%. The yield on 10-year US Treasuries climbed to 1.57%, the highest level since June.
"We've had a 24-hour stretch where we've pulled back from a few of the key risk drivers that have been concerning markets," Giorgio Caputo, Senior Fund Manager at Hambro Capital Management, said.
Last month, markets were hit hard by fears of an energy crisis, elevated inflation, reduced stimulus, and slower economic growth. However, the prospect of a short-term hike to the US borrowing limit is easing concern over political bickering.
"The volatility we've seen in the markets here this week -- where we're up one day, down the next -- is really a reflection of the news cycles and the different news that we've been receiving," Chris Gaffney, president of world markets at TIAA Bank, noted.
US nonfarm payrolls to be released on Friday is the focus of market participants. This data may shed light on the Federal Reserve's timeline to cut bond purchases. There is growing optimism that the report will show the kind of "decent" jobs growth Fed Chair Jerome Powell said he wants. US initial jobless claims fell more than expected last week, while ADP employment figures beat expectations for September.
"Both really reflect that the job market is strengthening and that people are getting back to work. That certainly bodes well for the markets going forward in that the more people that are working, the more spending can occur as people get back to work," Gaffney commented on the latest employment data.
Traders are recommended to pay attention to the following reports to be released today:
- the monetary policy decision of the Reserve Bank of India;
- jobs data from the US Department of Labor;
- employment and unemployment rate in Canada.
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