Tuesday saw advances for both the S&P 500 and Nasdaq Composite as the two benchmarks looked to extend their substantial gains from the previous session.
The Nasdaq increased by 0.6% while the broader market index increased by 0.4%. Only 31 points, or 0.1%, were added to the Dow Jones Industrial Average.
Tech increased 0.9%, outpacing advances in the S&P 500. As a result of the company’s mixed results but reaffirmation of its full-year outlook, Lowe’s shares increased by 2%.
The Nasdaq rose 1.6% on Monday, marking the session’s largest gain of the month. The S&P 500 increased by almost 0.7%. The Nasdaq recorded its largest one-day gain since August as the two benchmarks ended a four-day decline. The Dow fell by 0.1%.
Notably, gains were made by both the broad market index and the tech-heavy Nasdaq even as the yield on the 10-year Treasury rose to its highest level since November 2007. Tech equities often do poorly in high-rate environments, so Wall Street found Monday’s simultaneous surge in yields to be particularly noteworthy.
Source (CNBC)
