Wall Street Stocks Rally; Markets Welcome UK Tax Retreat

Stocks surged in afternoon trading on Wall Street Monday, Oct. 17, 2022, and marked the latest about-face for a market that has been unsteadily lurching between gains and losses, Damian J. Troise reported for the Associated Press (AP).

Photo Insert: The S&P 500 rose 2.7% as of 12:06 p.m. Eastern as nearly every stock in the benchmark index gained.

The S&P 500 rose 2.7% as of 12:06 p.m. Eastern. Nearly every stock in the benchmark index gained. The Dow Jones Industrial Average rose 545 points, or 1.8%, to 30,180 and the Nasdaq rose 3.5%.

Technology and communications companies had some of the biggest gains. Google’s parent company rose 3.8%.

Bond yields eased back from their multiyear highs and took some pressure off of stocks. The yield on the 10-year Treasury, which influences mortgage rates, fell to to 3.96% from 4.02% late Friday.

The yield on the 2-year Treasury, which tends to track expectations for future Federal Reserve action, fell to 4.44% from 4.50% late Friday. UK government bonds rallied following news that the country’s new Treasury chief was abandoning nearly all of a series of unfunded tax cuts announced last month that had upset markets.

Other big names reporting earnings this week include Johnson & Johnson, Netflix, Union Pacific, and American Express. Several companies gained ground Monday on a mix of specific corporate news.

Oil producer Continental Resources jumped 8.5% after saying it will be taken private as part of a deal with founder Harold G. Hamm.

Investment bank Credit Suisse rose 5.1% after agreeing to pay $495 million as part of a settlement in a dispute with the US over mortgage-backed securities, Yuri Kageyama and Matt Ott also reported for AP.

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