Highlights
Stocks were slightly lower on Tuesday as the market continued to react to elevated bond yields but the major averages ended well up from the day’s lows as yields retreated from their highs.
The Dow Jones industrial average lost 0.3 percent while the broader S&P 500 eased 0.2 percent and the Nasdaq was off 0.1 percent. US Treasury yields and oil prices declined while the dollar rose slightly.
Bond yields came off recent highs and stocks reacted favorably as oil prices dipped on no real news on a relatively quiet day in the Mideast front. New York Fed President John Williams’s comment suggesting there is no great urgency for rate hikes was bullish for bonds and stocks later in the day. Williams said the Fed is positioned to assess the data before making any more moves on rates.