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Markets

US stocks rise as investors eye bond yields

  • The broad-based S&P 500 advanced 0.2 percent to 4,210.82, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 13,771.12.
02 Jun 2021

NEW YORK: Wall Street stocks climbed modestly early Wednesday as investors weighed the potential for a strong economic recovery against worries over higher inflation.

Stocks on Tuesday had opened strongly, but a rally petered out as the yield on the 10-year US Treasury note rose, reviving inflation worries.

But the yield pulled back Wednesday and an analysis from IHS Markit largely endorsed the view, shared by the US Federal Reserve, that any inflation spike will be transient because it will spur additional supply.

"While inflation is rising and will continue to rise over the coming year, in most parts of the world, this increase will likely be temporary," said IHS Markit senior economic advisor Nariman Behravesh, adding that the removal of government stimulus in 2022 and 2023 will help anchor prices.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 34,635.43.

The broad-based S&P 500 advanced 0.2 percent to 4,210.82, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 13,771.12.

Among individual companies, AMC Entertainment continued to ride a wave of support from retail traders higher, gaining 18.4 percent after piling on more than 22 percent on Tuesday.