US stocks lost some steam in afternoon trade, but still managed to end multi-day losing streaks on Thursday, with the S&P 500 rising for the first time in five sessions.
The gains came a day after the Federal Reserve raised interest rates and signalled it remained on course for one more increase this year and three in 2019.
The S&P 500 rose 0.3 per cent on Thursday. Utilities were the best-performing sector, up 1 per cent, followed by technology, up 0.8 per cent, and telecommunications services, up 0.5 per cent. Basic materials, financials and consumer staples were the only three sectors to end in the red.
The Dow Jones Industrial Average ended a three-day losing streak with a gain of 0.2 per cent, while the Nasdaq Composite finished about ⅔ of 1 per cent higher.
Government bonds were mixed. The yield on the benchmark 10-year US Treasury was down 0.6 basis points at 3.0555 per cent, while that on the policy-sensitive two-year was up 0.4 bps to 2.831 per cent.
The US dollar rallied by the most in a month as the euro, a primary counterpart, remained weak ahead of an agreement on Italy’s budget. The DXY index, a measure of the buck against a weighted basket of peers, including the euro, was up 0.8 per cent to 94.988.
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