S&P 500, Nasdaq eke out small gains as jump in Treasury yields cools
U.S. stocks pushed modestly higher on Wednesday as the recent jump in bond yields took a breather, allowing tech stocks to recover.
The S&P 500 ticked up 0.23% to close at 4,701.46, while the tech-heavy Nasdaq Composite added 0.44% to finish at 15,845.23.
The Dow Jones Industrial Average lost just 9.42 points and settled at 35,804.38.
The recent rise in yields, which started around President Joe Biden’s decision to renominate Jerome Powell as chairman of the Federal Reserve on Monday, cooled slightly on Wednesday. The 10-year Treasury yield has traded above 1.68% this week after ending Friday at 1.55%. However, the benchmark rate had dipped to about 1.64% on Wednesday afternoon.
Rising Covid cases in Europe continued to worry investors. Germany was considering a full Covid lockdown.
U.S. markets are closed Thursday for Thanksgiving and will close early on Friday in a shortened session.
Reference: CNBC
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