WASHINGTON — U.S. Treasury yields climbed further on the 5th local time, but all three major New York stock indexes rose without taking a hit.
The Dow Jones Industrial Average closed at 51,267.90, up 90.94 points, or 0.18%, from the previous session, according to the New York Stock Exchange. The Standard & Poor's 500 index gained 51.23 points, or 0.66%, to 7,773.95, while the Nasdaq Composite rose 286.45 points, or 1.05%, to 27,477.31. The Nasdaq set a new record, surpassing its previous all-time closing high reached on Sept. 22.
Selling in U.S. Treasurys intensified again. The yield on the 10-year note, a benchmark for global bond yields, rose as high as 5.347% during the session, its highest level since April 3, 2002. The 30-year yield touched 5.702% intraday, the highest since May 2002.
The rise in Treasury yields is attributed to renewed concerns that the Federal Reserve could keep interest rates high for longer than expected, with inflationary pressure still elevated.
Stocks, by contrast, advanced on the back of artificial intelligence-related shares and big technology companies. SpaceX surged 7.63% after Morgan Stanley maintained its overweight rating and set a price target of $300, and after Chief Executive Elon Musk said he was in talks with Taiwan's TSMC on cooperation in semiconductor production facilities.
Major technology stocks rose across the board, including Meta Platforms, up 1.90%, Microsoft, up 1.48%, Nvidia, up 2.12%, and Tesla, up 2.20%. Nvidia extended its gains, logging a record closing high. Still-strong expectations for earnings growth at AI companies provided support.
