U.S. stocks in New York rose across the board on the 2nd (local time), ending a three-session losing streak.
It is seen that bargain hunting flowed into recently plunging stocks and the sharp rise in U.S. Government Bonds yields paused, slightly improving investor sentiment.
The Dow Jones Industrial Average finished up 295.07 points, or 0.56%, at 53,061.95.
The Standard & Poor's (S&P) 500 rose 35.13 points, or 0.46%, to 7,666.60. The tech-heavy Nasdaq composite also gained 118.05 points, or 0.45%, to close at 26,217.83.
The U.S. 10-year Government Bonds yield climbed intraday to 4.821%, the highest since Nov. 2023, but then reversed lower to 4.793% as of 3 p.m., down 0.2 bp from the previous session, in transaction.
The U.S. 30-year Government Bonds yield held at 5.266%, unchanged from the previous session, and the 2-year Government Bonds yield fell 0.8 bp to 4.383%.
By stock, Dell, which raised its annual revenue and profit outlook on surging demand for artificial intelligence (AI) servers, jumped 15.81%. Nvidia, the leading AI player, rose 3.21%, and Micron and Qualcomm climbed 2.43% and 2.01%, respectively. SK hynix's American depositary receipt (ADR) also gained 2.61%.
Market participants also focused on comments by U.S. Federal Reserve (Fed) officials. John Williams, president of the New York Federal Reserve Bank, said in an interview with CNBC that regarding the future direction of monetary policy, "we have to watch," adding, "there is no clear signal showing whether the current monetary policy is sufficient or additional measures are needed."
Williams said there is evidence inflation is easing as the impact of tariffs diminishes and rising energy prices are not spreading to other service sectors.
According to the Beige Book, the Fed's report on economic conditions, the U.S. economy maintained modest growth over the past two months, led by demand for data centers and other factors.
Geopolitical risk remained a factor heightening investors' caution. With anxiety over oil supplies continuing amid clashes between the United States and Iran, international oil prices rose for a third straight session.
November-delivery Brent crude futures rose 1.04% to $95.63 a barrel, while October-delivery West Texas Intermediate (WTI) futures gained 0.88% to $91.01 a barrel in transaction.
Angelo Kourkafas, investment strategist at Edward Jones, said, "the market is finding some footing," adding, "the underlying fundamentals are still positive."