Yahoo Finance Stocks- Wall Street Rises as Investors Shrug Off Bond Yield Worry
Investing.com – Wall Street was higher on Monday, as investors shake off bond worries and looked ahead to earnings.
The S&P 500 was up over four points or 0.16% to 2,674.38 as of 9:37 AM ET (13:37 GMT) while the Dow composite increased 47points or 0.19% to 24,510.0 and tech heavy NASDAQ Composite rose nearly 31 points or 0.29% to 7,167.04.
Bond yields have risen to their highest levels in four years, as inflation has added to expectations of continued rate hikes from the Federal Reserve.
The yield on the benchmark United States 10-Year Treasury note reached its highest level since January 2014 on Monday, at 2.979. The United States 2-Year note rose to 2.470, a level not seen since September 2008.
A rise in yields could weigh on equities, as higher yields dampan investor risk appetite for riskier assets such as stocks.
Investors are looking ahead to technology earnings reports this week, which kickoff with Google’s Alphabet (NASDAQ:GOOGL) after the market close. Twitter Inc (NYSE:TWTR) , Microsoft (NASDAQ:MSFT) , Facebook (NASDAQ:FB), and Amazon.com (NASDAQ:AMZN) are also set to report later in the week.
Technology stocks were higher after the morning bell, with Amazon.com up 1.09%, and Apple (NASDAQ:AAPL) gaining 0.48% while Alphabet rose 0.36% and Twitter surged 1.41%.
Meanwhile Caterpillar (NYSE:CAT) was up 1.57% and General Electric (NYSE:GE) increased 1.10%.
Elsewhere Tesla (NASDAQ:TSLA) fell 0.51% while payments processor Square (NYSE:SQ) inched down 0.37% and Micron Technology Inc (NASDAQ:MU) dipped 1.23%.
In Europe stocks were up. Germany’s DAX rose nine points or 0.07% while in France the CAC 40 increased eight points or 0.15% and in London, the FTSE 100 was up 12 points or 0.16%. Meanwhile the pan-European Euro Stoxx 50 rose 11 points or 0.32% while Spain’s IBEX 35 inched up 11 points or 0.12%.
In commodities, gold futures fell 0.81% to $1,327.40 a troy ounce while crude oil futures decreased 1.32% to $67.50 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.44% to 90.48.
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