Nasdaq Closes at Record 27,477 as 10-Year Treasury Yield Hits Highest Since 2002
The Nasdaq Composite closed at a record 27,477.31 on Oct. 5, up 1.05%, even as the 10-year Treasury yield rose to 5.31%, its highest since April 2002, according to Wall Street Journal and MarketWatch reports.
U.S. stocks rose on Monday, Oct. 5, with the Nasdaq Composite closing at a record even as Treasury yields climbed to fresh multi-decade highs, according to The Wall Street Journal and MarketWatch.
The Nasdaq gained 286.45 points, or 1.05%, to close at 27,477.31, the Journal reported. The S&P 500 added 51.23 points, or 0.66%, to 7,773.95 — just short of its own record, according to MarketWatch — and the Dow Jones Industrial Average rose 90.94 points, or 0.18%, to 51,267.90, the Journal reported.
AI gains offset rising borrowing costs
Optimism about artificial-intelligence earnings helped power the advance, the Journal reported, with Nvidia rising 2.1% to a record $238.90. At the same time, the 10-year Treasury yield rose to 5.310%, its highest since April 2002, and the 30-year yield reached 5.664%, its highest close since May 2002, according to the Journal. MarketWatch, citing Dow Jones Market Data, likewise put the 10-year at 5.31%, the highest since April 2, 2002.
Oil futures fell $1.68, or 1.8%, to $89.43 a barrel in New York, the Journal reported. On the data front, the Institute for Supply Management’s services index slipped to 54.9 in September from 55.4 in August, still signaling expansion, according to the Journal. Traders are now looking ahead to the start of third-quarter earnings season later this week, MarketWatch reported.
Reporting based on coverage by The Wall Street Journal and MarketWatch.
