U.S. stocks were sharply higher in the final hour of trade Thursday, with the S&P 500 on pace for its biggest daily gain in six months as bond yields fell on hopes that the Federal Reserve may be done hiking interest rates. The Dow Jones Industrial Average DJIA, +1.54% was up about 504 points, or 1.5%, trading around 33,779. The S&P 500 index SPX, +1.81% was up 1.
8%, on pace for its best daily increase since May 5, according to Dow Jones Market Data. The Nasdaq Composite Index COMP, +1.76% was 1.7% higher, according to FactSet. Sinking 10-year Treasury yields TMUBMUSD10Y, 4.670% to about 4.67% were helping to propel the rally in stocks, which was stretching into its fourth straight day. The Dow and S&P 500 also were on pace for their biggest weekly percentage gains in a year, up 3.8% and 4.4%, respectively, according to Dow Jones Market Data.
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