Strong advance on Wall Street, Dow Jones surges 342 points

NEW YORK, New York — Investors and traders on Wall Street shrugged off concerns over rising U.DS. Treasury yields Friday, despite the 10-year note surpassing the four percent level and touch 4.09 percent at one stage.

"The 10 year going over 4 percent I thought would have a little more of a negative reaction than it actually has," JJ Kinahan, CEO of IG North America in Chicago told Reuters news agency Thursday.

"Tough talk has us sell off a little bit but then we bounce back, and even when the numbers look like rates might not have to raise at the pace we thought, we may rally up a little bit but we still can’t continue the rally."

The Dow Jones industrials did best, surging 341.73 points or 1.05 percent to 33,003.57.

The Standard and Poor’s 500 gained 29.96 points or 0.76 percent to 3,981.35.

The Nasdaq Composite advanced 83.50 points or 0.73 percent to 11,462.98.

The U.S. dollar gained as Treasury yields firmed. By the close Thursday, the euro was changing hands at 1.0598. The British pound dropped to 1.1953.

The Japanese yen slipped to 136.68. The Swiss franc eased to 0.9415.

The Canadian dollar declined to 1.3596. The Australian dollar dipped to 0.6733. Going against the trend, the New Zealand dollar rose to 0.6222.

International stock markets closed with mixed results Thursday. The ESTX 50 PR.EUR rose by 0.59 percent to 4,240.59, and the Euronext 100 Index increased by 0.78 percent to 1,354.51. The BEL 20 dropped by 0.61 percent to 3,856.39, and the MOEX Russia Index fell by 0.19 percent to 2,222.51.

The FTSE 100 in London climbed by 0.37 percent to 7,944.04, while the German Dax added 0.15 percent to 15,327.64. The CAC 40, in Paris, France, also rose by 0.69 percent to 7,284.22.

Meanwhile, the Nikkei 225 fell by 0.06 percent to 27,498.87, and the Hong Kong Hang Seng dropped by 0.92 percent to 20,429.46.

The Shanghai Composite Index declined by 0.05 percent to 3,310.65, while the Shenzhen Index dropped by 0.54 percent to 11,849.51.

The Singapore Straits Times Index dipped by 0.62 percent to 3,234.90.

The S&P BSE SENSEX fell by 0.84 percent to 58,909.35, while in Indonesia the IDX COMPOSITE rose by 0.18 percent to 6,857.42.

The FTSE Bursa Malaysia KLCI gained 0.36 percent to 1,455.49. In South Korea, the Kospi Composite Index rose by 0.62 percent to 2,427.85.

The Australian All Ordinaries rose by 0.05 percent to 7,460.00. Across the Tasman, New Zealand’s S&P/NZX 50 increased by 0.21 percent to 11,900.86.