WALL Street ended the week on a positive note yesterday, climbing from a slump one day earlier after hawkish comments by Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average ticked up 1.2% to 34,283.10, while the S&P 500 Index climbed 1.6% to 4,415.24.

The Nasdaq Composite Index rose 2.1% to 13,798.11.

“The market regained everything and added some,” Spartan Capital analyst Peter Cardillo told AFP.

The 10-year bond rate, which saw a small surge on Thursday after Powell said the US central bank was prepared to hike interest rates further if needed, stabilised yesterday while stocks rose.

“One of the reasons why the bonds market moved down a little bit is because yesterday’s auction which was horrible. The reason for that was the hacking of China’s bank,” Cardillo said.

The US arm of China’s largest bank, ICBC FS, said Thursday that it was hit by a ransomware attack, forcing clients to reroute trades and disrupting the US Treasury market.

Among individual companies on Wall Street, ad-tech firm Trade Desk fell 16.7% after publishing far lower than expected sales forecasts.

And US-based casino operator Wynn Resorts fell 5.7% as the group signed an agreement with the Culinary Workers Union on salary conditions in order to avoid a strike. – AFP, November 11, 2023.