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NEW YORK (Reuters) - Wall Street advanced on Wednesday and the Dow Jones Industrial Average closed at a record for a second day, after U.S. economic data fueled a rise in Treasury yields, lifting financial stocks. The ADP National Employment Report showed private payrolls jumped by 230,000 jobs in September, the largest gain since February. A report from the Institute for Supply Management showed services sector activity hit a 21-year high in September. The data fed expectations for a U.S. Federal Reserve interest rate hike in December. The yield on the 10-year U.S. Treasury note US10YT=RR touched its highest level in over seven years at 3.179 percent and the two-year yield US2YT=RR hit its highest in more than a decade.
Rising yields boosted financial shares, putting the S&P 500 within striking distance of a record, Financials were also aided by signs Italy would cut its budget deficit and lower its debt, easing a concern that had pressured global stock markets, Financials .SPSY, which have underperformed the broader market this year, rose 0.81 percent, their biggest daily gain since Sept, 19, Still, major indexes closed custom image cufflinks well off their earlier highs as the data and recent comments from Fed officials raised concerns the central bank may hike rates too aggressively..
“Just the recognition of the Fed saying the economy is good, that means they are not going to slow down any time soon the rate of rate increases,” said Mike Baele at managing director at U.S. Bank Private Client Wealth Management in Portland, Oregon. “If we were to think about risks to risk assets, rate increases would certainly be at the top of that list. The old adage is the Fed raises rates until something breaks.”. The Dow Jones Industrial Average .DJI rose 54.45 points, or 0.2 percent, to 26,828.39, the S&P 500 .SPX gained 2.08 points, or 0.07 percent, to 2,925.51 and the Nasdaq Composite .IXIC added 25.54 points, or 0.32 percent, to 8,025.09.
Traders now see a 79.7 percent chance of a 25 basis point hike at the December meeting of the Fed, up from 78.5 percent a day ago, according to CME’s FedWatch tool, Utilities .SPLRCU, off 1.23 percent custom image cufflinks and real estate .SPLRCR, down 0.98 percent, were leading decliners, as higher bond yields made shares of high-dividend paying companies less attractive, General Motors (GM.N) rose 2.1 percent after Honda Motor (7267.T) said it would invest $2 billion over 12 years in the U.S, carmaker’s Cruise self-driving unit..
(Reuters) - Barnes & Noble Inc said on Wednesday it would explore strategic options after several parties, including founder-chairman Leonard Riggio, showed interest to buy the bookseller, sending its shares up as much as 24 percent in extended trading. The No.1 U.S. book store chain also adopted a plan to thwart any hostile bid after it found a rapid accumulation of stocks by parties that the company said it could not identify. The plan would prevent any party from accumulating 20 percent or more of its common shares by automatically offering preferred shares at a 50 percent discount to other shareholders.
Riggio, who holds the largest stake of 19.24 percent according to Refinitiv data, has committed to vote in favor of any transaction recommended by the special committee formed to review strategic options, the company said, The New-York based company has been struggling with declining sales for years as consumers increasingly move online, Even the company’s Nook e-book reader has been largely overshadowed by Amazon’s Kindle and other tablets, Nearly a month ago, investor Richard Schottenfeld disclosed a higher stake of 6.9 percent in the bookseller custom image cufflinks and said he had discussed with Riggio about a possible sale..
Schottenfeld sees better business from the bookseller’s 629 stores by moving away from music and DVD sales to high-margin toys and games ahead of the holiday season and in the wake of Toys ‘R’ Us bankruptcy, a filing in August showed. Schottenfeld did not immediately respond to a request for comment. Guggenheim Securities LLC acted as financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP was its legal adviser. The company’s shares were up 22 percent at $6.65 in after-market trading.
NEW YORK (Reuters) - The U.S, dollar rose to its highest in six weeks on Wednesday as Federal Reserve Chairman Jerome Powell said the U.S, economy is “remarkably positive” and spoke of the need to continue raising interest rates, Hawkish Fed speakers have helped elevate the greenback this week, after the Fed last Wednesday raised rates as expected and said it custom image cufflinks foresees another rate hike in December, three more next year and one in 2020, Powell on Wednesday continued to talk up U.S, economic strength a day after hailing a “remarkably positive outlook” for the U.S, economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices..