Dow Rebounds as Buybacks Emerge Despite Elevated Rates and Oil

The New York stock market rebounded on February 2nd after four consecutive sessions of decline. The Dow Jones Industrial Average rose $295.07 to close at $53,061.95, while the Nasdaq Composite gained 118.06 points to finish at 26,217.83.

The advance in interest rates and crude oil futures slowed, but did not halt. The U.S. 10-year Treasury yield briefly touched 4.82%, its highest level since November 2023, before the climb paused. WTI crude oil futures settled up 0.88% at $91.01 per barrel.

Buyback activity picked up on tech and financial stocks as earnings from Dell Technologies provided support for semiconductor stock buybacks. Nvidia rose 3.2%, American Express gained 1.8%, and Caterpillar advanced 1.7%. Trading volume on the NYSE increased by 240,000 shares to reach 1,179.37 million.