In an uplifting midday trading session, US equity indexes experienced notable increases, with consumer discretionary and technology sectors driving the momentum forward. The S&P 500 index saw a climb of 1%, reaching 5,929.1 points, while the Nasdaq Composite marked an impressive 1.4% jump to 19,554.3.
The Dow Jones Industrial Average also contributed positively, rising 0.6% to settle at 42,635.7. All sectors recorded gains intraday, with utilities emerging as one of the top performers in this favorable market environment. On the bond market front, US Treasury yields exhibited minimal fluctuations, with the 10-year note experiencing a slight dip of less than one basis point, settling at 4.57%.
Meanwhile, the yield for two-year government bonds held its ground at 4.25%, demonstrating stability amidst the shifting landscape. In currency dynamics, the US Dollar index registered a decline of 0.4%, bringing it down to 108.93 during intraday trading. This retreat comes after reaching a 52-week high just the day before. Shifting focus to economic indicators, the Institute for Supply Management's manufacturing index for the US witnessed an uptick, rising to 49.3 in December compared to 48.4 in November.
This reading exceeded expectations set by industry surveys, which had predicted a decline to 48.2. In corporate news, President Joe Biden made headlines by blocking US Steel's proposed acquisition by Japan's Nippon Steel, citing critical national security concerns and potential risks to supply chains.
This decision led to an immediate market reaction, with US Steel's stock plummeting by 5.3% intraday. On the commodities front, West Texas Intermediate crude oil futures rose by 1.2%, pricing at $74.03 per barrel, reflecting an upward trend in energy markets. Meanwhile, gold futures saw a minor decrease of 0.5%, now priced at $2,654.90 per ounce, contrasting with silver futures that saw a modest gain of 0.8%, now at $30.15 per ounce..