Stocks Rise as Pressure from Treasury Yields Ease
Los Angeles —
Wall Street stocks climbed higher Tuesday as a drop in Treasury yields boosted investor confidence.
Treasury yields had climbed last week to record high levels amidst high interest rates, but as stocks rose Tuesday the 10-year Treasury yield fell 16 base points to trade near 4.63% from 4.8% last Friday, a significant move for the bond market.
The Dow Jones Industrial Average rose 0.40% to 33,739.30.
The S&P 500 jumped 0.52% to 4,358.24. while the tech-heavy Nasdaq Composite added 0.58% to close at 13,562.84.
The gains come amidst statements from Federal Reserve officials that future interest rate hikes may not be necessary to get inflation down to the target 2%.
