Stocks traded along the flatline on Tuesday as traders weighed rising interest rates and a potential economic recovery from the coronavirus pandemic.
The Dow Jones Industrials came off its lows of the morning, pulling to 27.6 points of breakeven to 30,981.09.
Intel and Chevron each rose more than 2% to lead the Dow higher. Bank stocks rose broadly, with Goldman Sachs, Bank of America, JPMorgan Chase and Wells Fargo all gaining more than 2%.
The S&P 500 sagged six points to 3,793.61. The S&P 500’s forward price-to-earnings ratio was at 22.7, near its highest level since 2000. The boarder-market index’s high valuation comes as investors continue to pile into stocks despite a backdrop of rising COVID-19 infections and political turmoil.
The NASDAQ gained 10.72 points to 13,047.15, though off its highs of the morning.
Prices for the 10-Year Treasury sagged, lifting yields to 1.18% from Monday’s 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 82 cents to $53.07 U.S. a barrel.
Gold prices faded $8.50 to $1,842.30 U.S. an ounce.