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A sharp pullback in Treasury yields helped propel US equities broadly higher Tuesday, boosting the S&P 500 Index and the Nasdaq Composite to three-week highs, as investors monitored the Middle East conflict and readied for monthly inflation updates starting today. Treasuries were playing catch-up after bond markets were closed Monday for the Columbus Day holiday, reflecting a flight-to-safety amid the outbreak of the Israel-Hamas conflict. The Dow rose 0.4%, the S&P 500 climbed 0.5%, and the Nasdaq Composite added 0.6%, with ten out of the 11 S&P sectors ending higher led to the upside by utilities, consumer discretionary, and materials. European equity markets also ended higher yesterday, with the German Dax and the Euro Stoxx 50 up 2% and 2.2%, respectively as investors welcomed dovish remarks made by Federal Reserve officials. Travel and leisure shares surged almost 4%, mining equities soared 3% and autos gained about 2.5% supported by reports that China is looking to increase its budget deficit for 2023.
Summary for 11.10.2023
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