The NASDAQ Composite sailed to a fresh all-time high as traders looked past rising U.S. Treasury yields and digested new economic data.
The Dow Jones Industrials recovered 90.94 points to 51,267.90
The S&P 500 index gained 51.23 points to 7,773.95.
The tech-heavy index popped 286.45 points, or 1.1%, to 27,477.31.
Tech stocks rallied as bond yields also advanced. The benchmark 10-year Treasury note yield was last up about two basis points to 5.298%, while the 30-year was rose three basis points at 5.659%.
Both yields surged to multi-year highs in recent weeks, as traders fretted that inflation would lead the Fed to keep rates higher for longer.
Stocks and bonds moved as traders processed the Institute for Supply Management’s latest report on economic growth in the services sector.
The ISM report showed that the Purchasing Manager’s Index grew 54.9% in September, or roughly in line with expectations. However, that figure came in modestly below the index’s rate of growth for the previous month.
Prices for the 10-year Treasury slipped, bringing yields up to 5.31% from Friday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices eased $2.09 to $89.02 U.S. a barrel.
Gold prices progressed eight dollars to $4,170.30 U.S. an ounce.
NASDAQ Enjoys Fresh New Peak
