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NEW YORK (Reuters) – US stocks advanced on Tuesday, as financial stocks lost five consecutive days as Treasury yields stabilized above lows at 15 months.
The S & P 500 Financial Index gained 1.1% and posted its highest percentage of daily gain since February 15th.
The benchmark 10-year note yields remained stable but exceeded the level reached on Monday, which was the lowest since December 2017.
The S & P 500's gains came after two downswing sessions, prompted by concerns about slowing global economic growth and the reversal of a tightly guarded portion of the Treasury yield curve.
"The bond market has stabilized. What you do not want to see is continuous inversion. The market is monitoring performance, no question, "said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.
If it persists, the inversion of the yield curve is considered an indicator of the risk of a recession in one to two years.
The S & P Energy Index also rose 1.5%, representing a percentage gain among the sectors, while oil prices rose due to a lower supply of energy. OPEC and the expected reduction of US stocks.
The Dow Jones Industrial Average rose 140.9 points, or 0.55%, to 25,657.73%, the S & P 500 by 20.1 points, or 0.72%, to 2,818.46 and the Nasdaq Composite added 53.98 points, or 0.71%, to 7,691.52.
Apple Inc. shares sold 1%, reversing initial gains, after US commercial judge recommended Qualcomm Inc to ban sales of certain Apple iPhone models containing chips manufactured by Intel Corp. one of the two patent disputes.
Investors also digested low consumer confidence figures for March, as well as housing data showing that US housing construction fell more than expected in February.
Carnival Corp dropped 8.7% after the world's leading cruise operator reduced its annual profit forecast.
Increasing issues outnumbered declining issues at NYSE by 2.78 to 1; on Nasdaq, a ratio of 2.05 to 1 favored progress.
The S & P 500 recorded 42 new highs over 52 weeks and two new lows; the Nasdaq composite recorded 44 new highs and 38 new lows.
The volume of US trade amounted to 6.55 billion shares, against 7.66 billion on average for the full session of the last 20 trading days.
Report by Caroline Valetkevitch; additional reports by Shreyashi Sanyal and Amy Caren Daniel in Bengaluru; Edited by Leslie Adler and Tom Brown
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