Stocks rise as investors eye bond market; tech shares up | National News
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A currency trader walks near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Monday, March 15, 2021. Shares were mixed in Asia on Monday as China reported a variety of data that painted a complicated picture of its recovery from the pandemic.
Currency traders watch computer monitors near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Monday, March 15, 2021. Shares were mixed in Asia on Monday as China reported a variety of data that painted a complicated picture of its recovery from the pandemic.
A currency trader watches computer monitors near screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Monday, March 15, 2021. Shares were mixed in Asia on Monday as China reported a variety of data that painted a complicated picture of its recovery from the pandemic.
In this photo provided by the New York Stock Exchange, trader Gregory Rowe, left, works on the trading floor, Friday, March 12, 2021, in New York. The Dow Jones Industrial Average, which set an all-time high Thursday, was up, lifted by industrial stocks like Boeing and Caterpillar.
FILE – In this Nov. 23, 2020 file photo, a street sign is displayed at the New York Stock Exchange in New York. Stocks were mixed in early trading on Monday, March 15, 2021, as investors sifted a mixed bag of data from China. Wall Street continues to eye the bond market, where yields gave back some of last week’s gains.
Stocks bounced back from a wobbly start Monday to notch a fifth-straight gain, as Wall Street continued to eye the bond market. Treasury yields pulled back from Friday’s sharp increase. The S&P 500 index rose 0.7% to a new high as technology and consumer discretionary shares’ gains were offset by falling banks and energy stocks. The Dow Jones Industrial Average gained 0.5%. The Nasdaq Composite jumped 1.1%. Investors focused on the U.S. and global economic recovery from the pandemic. Bond yields ticked mildly lower on Monday, with the 10-year U.S. Treasury note falling to 1.61% from 1.62% on Friday.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks shook off an early stumble and were headed higher in afternoon trading Monday, continuing last week’s record-setting run.
The S&P 500 was up 0.3% after having been down 0.5% in the early going. Technology stocks and companies that rely on consumer spending helped lift the market, outweighing a pullback in financial, energy and other sectors.
The Dow Jones Industrial Average rose 89 points, or 0.3%, to 32,864 as of 2:29 p.m. Eastern time, while the tech-heavy Nasdaq Composite was up 0.6% and the Russell 2000 index of smaller companies inched up 0.1%. The S&P 500, Dow and Russell 2000 each set all-time highs on Friday.
Wall Street continued to eye the bond market, where yields pulled back a bit from Friday’s sharp increase. Investors also continue to focus on the recovery of the U.S. and global economies from the coronavirus pandemic. The $1.9 trillion aid package for the U.S. economy has lifted investors’ confidence in a strong recovery from the pandemic in the second half of the year, but also raised concerns about a potential jump in inflation.
