US stock market opens higher, 10-year yield highest since May

Bitcoin breaks new record with $66,200

Ovunc Kutlu   | 20.10.2021
US stock market opens higher, 10-year yield highest since May


Major indices in the US stock market opened higher on Wednesday, while the yield on 10-year US Treasury notes climbed to the highest level in five months.

The Dow Jones rose 26 points, or 0.07%, to 35,483 at 9.38 a.m. EDT.

The S&P 500 was up 8 points, or 0.18%, to 4,528, while the tech-heavy Nasdaq added 21 points, or 0.14%, to 15,150. Both indices were heading for their sixth consecutive day of increase.

The yield on 10-year US Treasury notes was up 0.3% to 1.639% at the time. Earlier, it climbed to as high as 1.672% – the highest level since May 20.

Although the yield increase suggests expectations of higher interest rates and the Federal Reserve to start tapering in November, it also points out to a gradual restoration of investors' confidence in the markets with economic recovery in the US.

While the dollar index was steady at 93.75, the VIX volatility index, known as the fear index, was down by 1.1% to 15.53.

Oil prices were down for a third day in a row -- shedding over 1%. International benchmark Brent crude was trading at $84.22 and US benchmark West Texas Intermediate was at $81.42.

Precious metals were up with gold rising 0.65% to $1,780 per ounce, and silver adding 1.5% to $24.03.

Price of Bitcoin broke a new record by hitting an all-time high of $66,200 at 9.45 a.m. EDT (1345GMT), according to official figures, a day after its first ETF.

The much-anticipated first Bitcoin-linked ETF that started trading on the New York Stock Exchange on Tuesday brought in around $570 million of assets on its debut.

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