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- The S&P 500 just notched its longest winning streak since November 2021.
- The benchmark index cleared its seventh straight days of gains, while the Nasdaq hit eight straight days.
- Still, investors are keeping an eye on interest rates as the Fed keeps policy tight.
US stocks rose on Tuesday, with the S&P 500 notching its best winning streak since November 2021 as bond yields continued to fall back.
All three benchmark indexes traded higher, with the S&P 500 notching its seventh-straight winning session, while the Nasdaq Composite closed higher for the eighth consecutive trading session.
The trend higher has largely been sparked by easing bond yields in the days since the Federal Reserve announced in would hold its benchmark rate steady at its meeting last Wednesday. The yield on the 10-year US Treasury fell eight basis points to 4.573%.
Still, investors are keeping an eye on elevated interest rates and the potential for key government bond yields to spike again after they fell back from 16-year highs. Inflation remains well-above the Fed's 2% price target, and the US still has "more work" to do in lowering inflation, Minneapolis Fed president Neel Kashkari said on Monday, leaving the door open for rates to go even higher and stay there for longer.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 4,378.38, up 0.28%
- Dow Jones Industrial Average: 34,152.60, up 0.17% (+56.74 points)
- Nasdaq Composite: 13,639.86, up 0.9%
Here's what else happened today:
- The S&P 500 could soar more than 20% in the next year after flashing an ultra-rare buy signal.
- Foreign bond investors are "extremely concerned" about US deficits as the risk of China and Japan dumping Treasurys looms.
- Russia's oil exports are climbing near a four-month high despite slashing production.
- Oil prices are at their lowest level since August. Here's everything moving crude markets.
- CHART OF THE DAY: Tech stocks are at record highs compared to the S&P 500, eclipsing the dot-com bubble's peak.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil plunged 4.23% to $77.39 a barrel. Brent crude, the international benchmark, fell 4% to $81.74 a barrel.
- Gold ticked lower 0.7% to $1,974.80 per ounce.
- The 10-year Treasury yield sank eight basis points to 4.573%.
- Bitcoin jumped 1.25% to $35,424.