US stocks rise as Treasury yields pull back
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Traders work on the floor of the New York Stock Exchange.
PHOTO: AFP
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NEW YORK - Wall Street stocks ended the day higher on Tuesday, with the tech-heavy Nasdaq rising while Treasury yields pulled back.
The Nasdaq Composite Index climbed 0.9 per cent to end at 13,639.86, as the broad-based S&P 500 advanced 0.3 per cent to 4,378.38.
The Dow Jones Industrial Average edged up 0.2 per cent to finish at 34,152.60.
This comes as the yield on the 10-year US Treasury note slipped to around 4.6 per cent. Yields are seen as an important proxy for interest rates.
“The fact that yields are a little bit lower has been supporting today’s market,” said Mr Peter Cardillo, of Spartan Capital.
Among tech companies making gains were Microsoft, whose shares ended 1.1 per cent up, and Apple, which closed 1.5 per cent higher.
Amazon shares rose 2.1 per cent.
But Mr Cardillo said “not all sectors are participating,” with energy under pressure alongside the banking sector.
This is in part due to oil prices, which fell around 4 per cent, he said.
Looking ahead, markets are likely keeping an eye on further commentary by Federal Reserve chairman Jerome Powell, who is due to speak later in the week. AFP
