Nasdaq Composite posts back-to-back declines as bond yields add to gains but Dow, S&P 500 end higher


U.S. technology stocks ended lower on Tuesday as Treasury yields extended a rise, but the S&P 500 snapped a two-session slide to end higher, powered by gains in energy XLE, +3.07% SP500.10, +3.04% and financials XLF, +1.57% SP500.40, +1.55%. The Dow Jones Industrial Average DJIA, +0.55% closed up 0.6%, or 195 points, at around 35,813, on a preliminary basis, on the back of gains from Goldman Sachs Group Inc. GS, +2.57% and UnitedHealth Group Inc. UNH, +2.19%. The S&P 500 index SPX, +0.17% closed 0.2% higher at about 4,690, while the technology-laden Nasdaq Composite Index COMP, -0.50% closed down 0.5% at 15,775, marking its second straight decline. The slump for the Nasdaq Composite came as the benchmark 10-year Treasury note rose to yield 1.665% to mark its highest yield since Oct. 21, according to Dow Jones Market Data. In corporate news, shares of Zoom Video Communications Inc. ZM, -14.71% fell nearly 15% after company executives detailed falling revenue on a conference call late Monday. In economic data, a pair of surveys by IHS Markit showed U.S. businesses grew rapidly in November, even as they’re still being hampered by labor and supply shortages that are feeding the biggest burst of inflation in 31 years. In other markets, oil futures CL.1, +2.28% climbed after the White House announced a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve. U.S, markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.

This article was originally published by Read the original article here.

Previous articleThe Moneyist: My father is a cantankerous millionaire and hoarder. He cut my sister out of his will after a blazing row. How can I help her — without incurring a huge tax bill?
Next articleGap stock sinks as results fall short; retailer slashes full-year forecast


Please enter your comment!
Please enter your name here