Stock market today: Wall Street hangs near records after Chinese stocks soar

NEW YORK — U.S. stocks are hanging near their records after Chinese stocks soared following a slew of moves by the Chinese central bank to prop up the world’s second-largest economy. The S&P 500 added 0.1% in early Tuesday trading, a day after setting a record for the 40th time this year. The Dow Jones Industrial Average rose 17 points and was likewise coming off a record. The Nasdaq composite gained 0.4%. Treasury yields rose ahead of a report on U.S. consumer confidence.

It feels less need to keep rates high in order to slow the economy enough to stifle inflation, hence last week’s cut of half a percentage point to its main interest rate. And it feels more pressure to prop up the job market and overall economy, hence its plans to keep cutting interest rates this year and next.

Visa slid more than 2% after media reports that the credit card issuer was going to be sued by the U.S. Department of Justice for penalizing customers who use other payment processors. The central bank also will reduce interest rates on its loans to commercial banks and cut the down payment requirement on purchases of second homes to 15% from 25%.

Tokyo's Nikkei 225 index climbed 0.6% to 37,940.59, while the Kospi in Seoul jumped 1.1% to 2,631.68. In the bond market, the yield on the 10-year Treasury rose to 3.79%, up from 3.75% late Monday. The yield on the two-year Treasury, which moves more with expectations for Fed action, edged up to 3.60% from 3.59% late Friday.

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