Technology companies and banks led stocks higher on Wall Street Tuesday, more than making up the market's losses a day earlier. The S&P 500 rose 0.8%, the Dow Jones Industrial Average rose 1.1% and the Nasdaq rose 1.3%. Peloton jumped 25.3% after the exercise bike maker announced a corporate shake-up and big job cuts. Bond yields rose. The yield on the 10-year Treasury note rose to 1.96%, its highest level since before the pandemic began. The mostly muted trading this week follows weeks of volatility amid uncertainty over how aggressive the Fed will raise interest rates to fight inflation.
