Written by Liz Muir
Investing.com – US stocks rose as a rally in technology helped erase earlier losses.
Investors remain concerned that aggressive actions by the Federal Reserve will spark a recession, however, markets have shown volatility in currencies and bonds.
At 10:30 EST (14:30 GMT), it was up 9 points, or 0.03%, while it was up 0.5% and up by 1.25%.
Last week, the Fed signaled that it could remain elevated over the next year, for longer than expected. That news sent all three stock indexes crashing, and the Dow Jones is approaching a bear market, a 20% drop from its recent peak. So far this year, the Dow is down 18%.
External developments are shaking up the markets here as well.
In the UK, it touched an all-time low around $1,038 due to concerns about the government’s plan to cut taxes. The pound started rising later in the morning. In Italy, voters supported a new government led by a coalition of far-right politician Giorgia Meloni. In Russia, protests against the government’s order to enlist up to 300,000 reservists for its war in Ukraine spread, and people fled to the border to escape.
Big tech stocks rose. Apple Inc (NASDAQ: 2%) stock, and Amazon.com Inc (NASDAQ: 2%) stock.
Casino stocks jumped after China said it would resume an e-visa program for visitors to Macau and allow group tours there starting in November. Wynn Resorts Limited (NASDAQ:) shares jumped 13%, and MGM Resorts International (NYSE:) shares are up 4%, and Las Vegas Sands Corp stock (NYSE: 12.7%) jumped.
rose gold. It rose 1.3 percent to $79.78 a barrel, while crude rose 1.1 percent to $85.98 a barrel. It fell 0.2 percent to $1,653 an ounce.