In the final hour of trade, U.S. stocks displayed a mixed performance, with the Dow Jones Industrial Average heading towards its highest close in at least a year. At last check, the Dow was up by approximately 366 points, constituting a 1% increase and reaching around 35,803, according to FactSet data.
Meanwhile, the S&P 500 index oscillated between slight gains and losses, hovering near 4,549. On the other hand, the Nasdaq Composite Index experienced a slight decline of 95 points or 1%.
Notably, stocks are on track to achieve their best month of 2023, thanks to a significant retreat in bond yields that provided substantial support. The benchmark 10-year Treasury yield saw an increase of 8 basis points to reach 4.35% on Thursday. However, it remains well below the peak of 5% observed in October.
Looking ahead, investors will closely monitor comments from Federal Reserve Chairman Jerome Powell on Friday. Although he is not expected to endorse growing expectations in financial markets regarding potential rate cuts in the upcoming year, his remarks will carry great significance.