Stock Market Update

[BRIEFING.COM] The stock market opened to gains, building on yesterday's rebound. The S&P 500 is trading 1.4% higher and the Nasdaq Composite shows a 1.6% gain. 

Gains in mega cap and semiconductor stocks are boosting index performance, but many stocks are participating in upside moves. All 11 S&P 500 sectors trade higher led by the heavily-weighted information technology (+2.2%) and financial (+2.0%) sectors. 

The health care sector (+0.3%) is the only sector trading up less than 1.0%.

Today's upside bias is driven by momentum following yesterday's session and an emerging notion that U.S. recession fears were overblown. Also, concerns about further unwinding of carry trade positions have dissipated somewhat after the Bank of Japan's Deputy Governor Uchida said the bank will not raise rates during market instability and the yen weakened against the dollar (USD/JPY +1.9% to 147.07).

The 10-yr note yield is up five basis points to 3.94% and the 2-yr note yield is up three basis points to 4.01%.