Continuing their winning runs that dated back almost two years, the S&P 500 and Nasdaq Composite advanced on Tuesday, building upon their gains from November.
The Nasdaq rallied 0.9% to settle at 13,639.86, while the S&P 500 gained 0.28% to close at 4,378.38. To end the day at 34,152.60, the Dow Jones Industrial Average gained 56.74 points, or 0.17%.
The Nasdaq recorded eight days of wins for the first time since an 11-day streak ended in November 2021, while the S&P 500 showed gains for an eighth straight day for the first time since its eight-day winning streak reached in November 2021. For the first time since July, the Dow showed gains for seven straight sessions.
The yield on the 10-year Treasury note recently traded at 4.573%, down 9 basis points from where it was earlier. Technology stocks rose as yields declined. With increases of almost 2% each, Amazon and Salesforce were among the big winners; gains of roughly 1% were made by Apple, Microsoft, and Meta Platforms. Prior to the release of funds from the Chips Act, semiconductor stocks Advanced Micro Devices, Broadcom, and Intel increased.
Senior investment strategist at Edward Jones Mona Mahajan stated, “As yields move lower, we tend to have a bigger comeback in the growth areas of the market.” She also suggested that a decline in oil prices may be easing consumer concerns about inflation and providing some respite at the pump.