March 24, 2021
The U.S. stock market witnessed a turbulent session on Wednesday, with major equity indexes fluctuating between gains and losses. Despite this volatility, stocks managed to end mostly higher.
Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA) closed the day 68 points lower, marking a decline of 0.2%. The index finished near 33,550, according to preliminary FactSet data.
S&P 500 Index
The S&P 500 index (SPX) saw a small gain of less than 0.1%. Notably, the energy segment of the index rose by 2.5%.
Nasdaq Composite Index
The Nasdaq Composite Index (COMP) recorded a gain of 0.2%.
The increase in Treasury yields has been a cause for concern among investors. They are closely monitoring whether the Federal Reserve will follow through on its revised forecast to maintain higher interest rates for a longer period than anticipated.
10-year Treasury Yield The 10-year Treasury yield (TMUBMUSD10Y) rose by 6.7 basis points to 4.625%, reaching the highest level since October 2007.
30-year Treasury Yield The 30-year Treasury yield (TMUBMUSD30Y) climbed to 4.731%, bringing long Treasury bonds closer to the significant 5% mark. In contrast, short-term Treasury bills have been yielding around 5% for some time.
Investors are also keeping a close watch on oil prices, which continue to rise steadily. U.S. crude futures settled at $93.68 per barrel, showing progress toward the significant $100 mark.
Despite the choppy session experienced during the day, U.S. stocks managed to preserve their overall positive trajectory.