Monday’s Wall Street market indexes closed higher by more than 1 percent, while US Treasury yields declined, as investors wagered that major US economic data to be released on Tuesday will reveal a decline in inflation.
The US Bureau of Labor Statistics is due to issue January’s Consumer Price Index (CPI) statistics on Tuesday, which is anticipated to demonstrate the effectiveness of Federal Reserve policy tightening thus far in taming inflation.
US equities have gained ground thus far in 2019, as investors gambled on the possibility of decelerating inflation, which would allow the Federal Reserve to suspend or halt rate hikes.
The Dow Jones Industrial Average climbed 376.66 points, or 1.11%, to 34,245.93, the S&P 500 gained 46.83 points, or 1.14%, to 4,137.29, and the Nasdaq Composite gained 173.67 points, or 1.48%, to 11,457.79.
In US Treasuries, benchmark 10-year rates decreased after reaching their highest point since January 5th.
The benchmark 10-year note yield decreased by 3.4 basis points to 3.709% as of late Thursday, from 3.743%. The yield on the 30-year bond decreased by 4.1 basis points to 3.7853%, from 3.826%. The yield on the 2-year note increased by 1.1 basis points to 4.5238%, up from 4.513%.
After previous advances, the dollar fell versus a basket of major currencies, falling 0.319% as the euro gained 0.45% to $1.0722.