Stocks surge to kick off October and a new quarter as bond yields tumble and Dow closes up 760 points
Stocks rallied Monday to start the new month and quarter, as Treasury yields eased from levels not seen in roughly a decade. The Dow Jones Industrial Average ended the day 765.38 points, or 2.7%, higher at 29,490.89. The S&P 500 rose 2.6% to 3,678.43, after falling Friday to its lowest level since November 2020. The Nasdaq Composite advanced 2.3% to end at 10,815.44. Those moves came as the yield on the 10-year U.S. Treasury note rolled over to trade at around 3.655%, after topping 4% at one point last week. “It’s pretty simple at this point, 10-year Treasury yield goes up, and equities likely remain under pressure,” Raymond James’ Tavis McCourt said. “It comes down, and equities rally .” Wall Street is coming off a tough month, with the Dow and S&P 500 notching their biggest monthly losses since March 2020. The Dow on Friday also closed below below 29,000 for the first time since November 2020. The Dow shed 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9....