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US stocks were mixed on Wednesday at lunchtime, as a slowdown in banks thwarted declines in company names.
Bond markets remained weak as yields continued to rise to their highest level for months or years, as investors prepare for a Federal Reserve rate hike next week and demand from credit unions retirement stop.
The S & P 500 was up 0.1% and headed for its seventh gain in eight sessions. Financials were the best performing sector, gaining 1.8%, followed by basic materials, up 1.2%, and energy, up 0.6%.
The strong rise in bond yields, particularly in the long run, is an asset for banks, which benefit when they can borrow cheaply in the short term and lend at higher rates over a longer period.
Utilities, down 2.1%, were the weakest sector of the S & P 500, followed by telecommunications, down 1%, and technology, down 0.5%.
The Dow Jones Industrial Average advanced 0.8% as a result of its greater weight in the banking and energy sectors, as well as gains for large industrial companies such as Boeing and Caterpillar. .
In the bond market, the benchmark 10-year US Treasury yield rose by 2.2 basis points to 3.07%. Bond prices fall as yields rise.
The US dollar weakened as the DXY fell 0.1% to 94.526.
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