Stocks Shrug Off Losses After Fedspeak; Oil Climbs: Markets Wrap
- Fed Vice Chair Jefferson says officials can proceed carefully
- Energy and defense shares advance while airlines retreat
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Stocks rose as remarks from Federal Reserve officials bolstered bets officials will refrain from lifting rates this year. Oil climbed after Hamas’ attack on Israel raised fears of a wider conflict.
The S&P 500 erased losses as Fed Vice Chair Philip Jefferson said officials are in a position to “proceed carefully” after the recent rise in Treasury yields. Earlier in the day, Fed Bank of Dallas President Lorie Logan said the recent surge in long-term US bond rates may mean less need for the central bank to tighten again. The dollar edged lower. Treasury futures climbed, with the cash market closed for Columbus Day.