[New York Stock Market] Rises on Eased Interest Rate Fears... 10-Year US Treasury Yield Falls Below 4%

As fears of U.S. tightening resurface, the previously hesitant New York stock market shows signs of recovery this month.

On the 3rd (local time), the Dow Jones Industrial Average closed at 33,390.97, up 387.40 points (1.17%) from the previous session.

According to Dow Jones Market Data, this is the first time since November last year that the Dow has risen more than 1% for two consecutive days.

The Standard & Poor's (S&P) 500 index closed at 4,045.64, up 64.29 points (1.61%), while the tech-heavy Nasdaq index ended at 11,689.01, up 226.02 points (1.97%).

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The three major New York stock indices all rose together for the first time in a while this week. The weekly gains were 1.75% for the Dow, 1.90% for the S&P 500, and 2.58% for the Nasdaq, respectively.

After last month's U.S. economic data suggested the possibility of prolonged inflation, the market, which had been cautious, rallied following reassurance from Raphael Bostic, President of the Federal Reserve Bank of Atlanta, who advocated a 0.25 percentage point rate hike in March.

The 10-year U.S. Treasury yield, used as a benchmark for market interest rates, fell back below 4% that day, reflecting a recovery in investor sentiment in the New York stock market.

The Institute for Supply Management (ISM) announced that the February Services (Non-Manufacturing) Purchasing Managers' Index (PMI) was 55.1, exceeding market expectations. A reading above 50 indicates economic expansion.

According to financial information firm FactSet, the Chicago Board Options Exchange (CBOE) Volatility Index (VIX), known as Wall Street's "fear index," fell nearly 14% this week.

However, uncertainty remains. If the upcoming February employment and inflation data maintain high levels, concerns about further tightening by the U.S. Federal Reserve (Fed) could increase.