Nasdaq Rises as GDP Revision and Cooling Rate-Hike Odds Lift Tech
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite rose 0.24% to 26,861.06, bucking a broader market decline as tech stocks gained on easing rate-hike fears. The Commerce Department revised Q2 GDP growth up to 2.2% from 1.5%, while the Fed's preferred inflation gauge held steady at 3.4% in August. Those data points pushed the probability of another Fed hike at the next meeting down to 37% from 68% earlier in the week. The 10-year Treasury yield climbed to 5.292%, its highest since May 2002, but tech investors focused on the improved growth outlook. This follows a volatile September for the index, which had been pressured by Middle East tensions and oil price spikes.
At the time of this announcement, IXIC was trading at $26,861.06 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.