REUTERS: U.S. stocks advanced on Tuesday, with the Nasdaq jumping over 3per cent to recoup its losses from the previous session, as U.S. bond yields retreated and investors picked up battered technology stocks.
U.S. 10-year Treasury bond yields eased to 1.54per cent after hovering near 13-month highs of 1.613per cent in the prior session. Longer-dated yields have jumped over the last month as investors price in a faster-than-expected economic rebound and higher inflation. The rise in yields has accelerated a rotation from"stay-at-home" winners to stocks primed to benefit from an economic reopening, setting the blue-chip Dow on pace to end at a record high on Tuesday.
The bank index dropped 0.6per cent after vaulting to a new 14-year peak. Economy-linked financials, materials and industrials hovered near record highs.
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