Stocks rose on Tuesday, pushing the Dow Jones and S&P 500 to new records, as investors continued to shrug off rising COVID cases from the delta variant.
The 30-stock index leaped 132.65 points move into Tuesday afternoon at 35,234.50, another intraday high.
The S&P 500 jumped 9.7 points to 4,442.05
The NASDAQ fell 42.77 points to 14,817.40.
Bank stocks rose amid the jump in bond yields, yet investors dumped technology shares as rates bounced. Goldman Sachs jumped nearly 2%. Wells Fargo and Bank of America rose more than 1.5% each. Yet, the so-called FANNG names were all in the red.
Energy stocks rebounded on Tuesday, after leading the market’s declines on Monday spurred by a drop in oil prices. Exxon Mobil and
Chevron popped more than 1% on Tuesday and Diamondback Energy rebounded more than 2%. U.S. oil prices rose 1.6% on Tuesday.
Stocks tied to the economic reopening also made back some of their losses from Monday. Norwegian Cruise Line gained 2% and American Airlines rose 1%.
AMC’s stock jumped 4.7% after reporting a lower loss than expected. The company also announced it would begin accepting bitcoin at all U.S. locations this year.
Earnings season continues Tuesday, with Coinbase set to report. Its stock, which trades closely with the price of bitcoin, dropped 3% Tuesday. SoftBank and Sysco are also set to report.
The U.S. Senate could pass a $1-trillion bipartisan infrastructure bill as soon as Tuesday. The plan, which includes $550 billion in new spending on transportation and broadband, could help give the economy a boost as peak growth slows following the reopening from the pandemic.
Prices for 10-Year Treasurys were static, keeping yields at Monday’s 1.33%.
Oil prices hiked $1.95 to $68.43 U.S. a barrel.
Gold prices slid $7.3 to $1,733.80 U.S. an ounce.