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Oct 18, 20221 min read

U.S. stocks gap up, give it away, but get some back

U.S. STOCKS GAP UP, GIVE IT AWAY, BUT GET SOME BACK (1605 EDT/2005 GMT)

The S&P 500 SPX kicked off the trading day with an opening gap to the upside. It then rose more than 2% in the first-five minutes of the session. With the early thrust, the benchmark index was up nearly 8% from last Thursday's low.


However, with the U.S. 10-Year Treasury yield (US10YT=RR) continuing to levitate around the 4% level, mega-cap growth stocks struggled to hold their early bid. The SPX then quickly reversed, filled the gap, and neared unchanged on the day.

In the end, however, the benchmark index still finished up 1.14%, and all S&P 500 sectors ended in positive territory. Industrials S5INDU posted the biggest gain, finishing up 2.4% while communication services S5TELS lagged the most with a 0.5% gain.




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