The S&P 500 ended a five-day losing streak and rose on Tuesday. The 10-year Treasury yield settled at 4.840% after peaking at 5% the day before, its highest level since 2007. These dramatic fluctuations in government bonds have caused financial markets to be volatile and have complicated the Federal Reserve’s outlook on interest rates.
Stocks advanced with the S&P 500, Dow and Nasdaq all increasing. The Dow jumped 205 points. Companies such as General Electric, 3M and Coca-Cola that reported positive financial outlooks saw their stocks rise. GE further surged after announcing its plans to divest its power business by 2024. Verizon also experienced a 9% jump after raising its forecast. Other companies that reported earnings included Spotify, RTX and General Motors.
The global oil benchmark, Brent crude, dropped 2%, settling around $88 a barrel. Cryptocurrency Bitcoin briefly breached the $35,000 mark before retreating. This boosted crypto-related stocks.
