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Twitter jumps on news Musk to resume buyout at
Rivian jumps on reaffirming FY deliveries view; lifts
U.S. job openings post biggest drop in 2.5 years in August
Indexes up: Dow 2.42%, S&P 2.63%, Nasdaq 2.92%
Oct 4 (Reuters) - The Nasdaq led Wall Street higher on
Tuesday, powered by megacap growth and technology stocks as U.S.
Treasury yields dipped, while Twitter Inc jumped on reports Elon
Musk is proposing to go ahead with his original offer for the
social media firm.
If gains hold, the Nasdaq Composite index is set to
notch its best single-day performance since July 27.
Data showed U.S. job openings, a measure of labor demand,
fell by the most in nearly 2-1/2 years in August.
Lifting rate-sensitive tech and tech-adjacent stocks, the
yields on the 10-year U.S. Treasury fell for a
second day after the jobs data and a surprise move by
Australia's central bank to slow its pace of rate hikes.
"Jolts coming in lower than expected points to a weakening
labor market," said Thomas Hayes, chairman and managing member
of New York-based Great Hill Capital.
"If confirmed by the NFP (non-farm payroll) jobs report on
Friday it could give Fed cover to slow down its tightening."
Nevertheless, Governor Philip Jefferson said inflation is
the most serious problem facing the Federal Reserve and "may
take some time" to address and San Francisco Federal Reserve
Bank President Mary Daly said the central bank needs to deliver
further interest rate hikes.
Megacap market leaders such as Apple Inc, Microsoft
Corp, Alphabet Inc and Nvidia Corp
advanced between 2% and 5%, while the Philadelphia SE
Semiconductor index climbed 4.1%.
Billionaire Elon Musk is proposing to go ahead with his
original offer of $54.20 per share to take Twitter Inc
private, two sources familiar with the matter said, sending
shares of the social media firm up 12.7%.
Tesla Inc, the electric vehicle company that Musk
heads, pared some early gains but still traded 1.5% higher.
At 12:52 p.m. ET, the Dow Jones Industrial Average
was up 713.98 points, or 2.42%, at 30,204.87, the S&P 500
was up 96.88 points, or 2.63%, at 3,775.31, and the Nasdaq
Composite was up 315.72 points, or 2.92%, at 11,131.15.
Banks such as Citigroup, Morgan Stanley, and
Goldman Sachs climbed nearly 5%, boosting the banks index
Indicative of the broad-based nature of gains, only nine
stocks on the benchmark S&P 500 index were trading in the
The rebound in stocks on the first trading session of the
final quarter on Monday followed the S&P 500's lowest
close in nearly two years on Friday that capped its worst
monthly performance since March 2020.
Rivian Automotive Inc jumped 12.1% after the
electric-vehicle maker said it produced 7,363 units in the third
quarter, 67% higher than the preceding quarter, and maintained
its full-year target of 25,000.
Advancing issues outnumbered decliners by a 9.87-to-1 ratio
on the NYSE and a 4.81-to-1 ratio on the Nasdaq.
The S&P index recorded one new 52-week high and one new low,
while the Nasdaq recorded 41 new highs and 45 new lows.
(Reporting by Medha Singh, Ankika Biswas and Bansari Mayur
Kamdar in Bengaluru; Editing by Anil D'Silva, Arun Koyyur and