This article was originally published on ETFTrends.com.
After a loss of over 300 points to end Thursday’s trading session, the Dow Jones Industrial Average gained over 150 points with the help of positive earnings from the likes of American Express, PayPal and Skechers, which all bested analyst expectations.
The Nasdaq Composite and S&P 500 were both in the green as the latter was helped by Procter & Gamble who beat its earnings expectations, posting an earnings per share of $1.12 versus $1.09 and $16.69 billion in revenue versus an expected $16.46 billion.
Treasury note yields got much of the blame for last week’s stock sell-off as benchmark notes went on a weeklong ascent in the week prior, pushing to new highs that caused investors to fret. Today, those continued to climb, but didn’t affect the markets negatively as the 10-year note went to 3.192, while the 30-year note was at 3.344 as of 11:00 a.m. ET.
Short-duration yields were up as well with the 2-year note rising to 2.895 and the 5-year note heading up to 3.043.
“The underpinnings of the economy are still in place and earnings are still good,” said Quincy Krosby, chief market strategist at Prudential Financial. “The market is not going to have an immediate recovery; it tends to bounce.”