Stocks posted gains on Tuesday as the 10-year Treasury yield bounced back, resulting in a positive day for major stock indices. The Dow Jones Industrial Average saw a rise of over 0.6%, the S&P 500 climbed above 0.7%, and the Nasdaq Composite increased by nearly 1%.
Earlier in the day, the 10-year yield had experienced a decline, but it later rebounded to 4.84%, indicating market volatility. This follows the yield reaching its highest level since 2007 on Monday, only to drop again.
Investors are closely watching the upcoming flood of earnings reports, especially those from major companies in the tech sector. General Motors made headlines after withdrawing its 2023 profit guidance due to increased costs resulting from UAW strikes. On the other hand, Spotify surprised analysts by reporting a profit instead of the expected loss.
In the cryptocurrency market, Bitcoin continued its rally, surpassing the $35,000 mark and hitting its highest level since the 2022 crypto crash. Speculation is swirling that the SEC might approve an ETF linked to the token, which has been driving the surge.
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In summary, stocks showed gains on Tuesday as the 10-year Treasury yield rebounded, while the tech sector’s earnings reports and the cryptocurrency market’s rally made headlines. Investors remain vigilant amidst market volatility, and readers can find more news and analysis using the provided link or rely on Yahoo Finance for the latest financial updates.