Treasury prices nosed up, lowering yields to 3.26% from Wednesday's 3.27%. Shares of Regeneron jumped more than 13% Thursday after the company announced that its eye drug, Eylea, performed well in two pivotal trials testing the medication for use for patients with diabetic macular edema and wet age-related macular degeneration. Still, stocks remain in a downtrend overall as concerns about a slowing economy and further rate hikes from the Federal Reserve are pushing some investors away from riskier parts of the market. 10, with the NASDAQ snapping a seven-day losing streak. On Wednesday, the major averages posted their best day since Aug. The stock market is coming off a solid rebound. The scrip soared to a high of Rs 324.20 in the intra-day. The Nifty had lost 216.50 points or 1.22 per cent on Thursday. Earlier in the morning, the European Central Bank hiked interest rates by 0.75 percentage point, raising its deposit to 0.75% from zero, in a largely expected move to tamp down inflation. The broader Nifty 50 of the National Stock Exchange closed 3.35 points or 0.02 per cent down at 17,539.45 points against its previous day’s close at 17,542.80 points. He also signaled that a pause in rate hikes or a pivot to cutting interest rates is not coming soon. Stocks slid during a Q&A session from Powell at the Cato Institute where he reiterated that the central bank will do what it takes to fight inflation. The Dow Jones Industrials faded 37.31 points to open Thursday at 31,543.97 The S&P 500 dipped 3.89 points to 3,975.39 The NASDAQ Composite fell 16.13 points to 11,775.84. ON WALLSTREET Stocks were flat Thursday as Wall Street weighed Federal Reserve Chair Jerome Powell's comments on the central bank continuing to fight inflation. The half-dozen laggards were weighed most by communications, falling 1.2%, consumer discretionary stocks, down 0.7%, and consumer staples off 0.6%. That's down 38 percent from 4.5 million, or 4 cents per share, a year earlier. The 12 TSX subgroups were evenly split Thursday in the first hour, with energy gaining 0.7%, financials better by 0.5%, and industrials up 0.4%. earned 2.8 million, or 3 cents per share, in the second quarter. ON BAYSTREET The TSX Venture Exchange added 4.53 points to 636.17. Dye & Durham shares skyrocketed 93 cents, or 6.8%, to $14.60. The Australian competition regulator said it will not oppose an A$2.47 billion ($1.67 billion U.S.) acquisition of Link Administration Holdings by Canada's Dye & Durham Ltd, if it divests its existing local business. The Canadian dollar nicked 0.02 cents higher to 76.16 cents U.S. The TSX picked up 30.8 points to begin Thursday's session at 19,272.24. after Federal Reserve chair Jerome Powell's speech. Stocks Clear Breakeven at Open Dye & Durham in Focus Canada's main stock index opened only slightly higher on Thursday tracking weakness in rate-sensitive technology stocks over fears of aggressive monetary policy tightening in the U.S.
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