Wall Street recover some losses despite technology companies led stocks higher
Wall Street News: On Monday, Technology stocks traded higher. With this move, US stocks recovered some market losses from last week. As of the source, Investors have greeted some easing in long-term bond yields. The S&P 500 Index gained 0.70% as technology stocks rise. Moreover, communication and other stocks exceeded a withdrawal in financial companies. However, the rise of tech stocks pushed the Nasdaq composite by 1.20% higher.
Further, the continued rise in bond yields over the past month has been attracting investors away from high-tech stocks. But, the tech stocks received much response from the traders. They have quickly buying tech stocks on days when bond yields decline or only rise slightly.
According to the source, the yield on the 10-year Treasury note decreased 1.69% after trading as high as 1.74% in the last week. On the other hand, Amazon, Apple, and Microsoft stocks made solid gains in the US market. The prospect of higher interest rates as bond yields rise has some investors worried that economic growth possibly will slow. There are also concerns that the rise in bond yields could be a sign of expansion.
However, inflation will pick in the stocks as the recovery progresses. As long as rates remain rising for the right reasons, this would fine for stocks. As per the US Stock Market reports, the S&P 500 raised 27.49 points at a 3,940.59 level.
The Dow Jones Industrial Average picked up 103.23 points, or 0.30%, at 32,731.20. The Nasdaq rose by 162.31 points at 13,377.54. The Russell 2000 Index of smaller companies slipped by 20.70 points, or 0.90%, at 2,266.84.