US Stocks rebound on bargain hunting

The US stocks gained ground on Tuesday, 09 March 2021, with the Dow, S&P 500, and the broader Nasdaq recoup its losses in the previous session as investors picked up battered stocks on signs that a $1.9 trillion coronavirus relief package was closing in on final approval. At the close of trade, the Dow Jones Industrial Average index rose 30.30 points, or 0.1%, to 31,832.74. The S&P500 index added 54.09 points, or 1.42%, to 3,875.44. The tech-heavy Nasdaq Composite Index gained 464.66 points, or 3.69%, to 13,073.82.

The rebound in the Wall Street came due to pullback of long-term treasury yields on signs of brighten global economic outlook as vaccine rollouts gain speed and the United States launches a massive new stimulus package.

The yield on the benchmark ten-year note showed a notable move to the downside after ending the previous session at its highest closing level in over a year. U.S. 10-year Treasury bond yields eased to 1.54% after hovering near 13-month highs of 1.613% in the prior session.

Democrats in the U.S. House of Representatives are aiming to pass the $1.9 trillion coronavirus relief bill on Wednesday so that Biden can sign it by the weekend. The legislation extends a $300 per week jobless benefit boost and programs expanding unemployment aid to millions more Americans through Sept. 6.

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