The Nasdaq just recorded its highest level since April 30, while the 30-year Treasury yield is at its lowest since February
U.S. stocks ended near record highs on Tuesday, with the Nasdaq Composite trading near its highest level since late April as government bond yields retreat and the blue-chip Dow Jones Industrial Average DJIA,
and the S&P 500 SPX index,
a stone’s throw from all-time records not seen since May 7. The Dow DJIA,
finished less than 0.1% at around 34,600, while the S&P 500 SPX,
rose less than 0.1% to 4,227. The Nasdaq COMP Composite Index,
meanwhile, added around 0.3% to around 13,925, marking its best close since April 30, according to FactSet data. The gains in the rate-sensitive technology index occurred when the 30-year Treasury bond TMUBMUSD30Y,
hit its lowest level since February 26. Movements in major stock indexes come after the Dow and S&P 500 posted small losses on Monday. Apart from the main benchmarks, the Russell 2000 RUT Small Cap Index,
increased by more than 1%. Investors have mostly held their own this week, with Monday’s New York Stock Exchange volumes falling below average for the year to date, according to Dow Jones Market Data. What were investors waiting for? The May Consumer Price Index will be released on Thursday, helping investors gauge how quickly prices have risen during the final stage of the US recovery. On this front, US CL00 oil futures,
CLN21,
climbed back to $ 70 a barrel on Tuesday, the highest in nearly three years, as oil-producing countries appeared determined to increase global production in a measured way, without flooding the market with crude as the world’s largest economies are trying to get through other stages of the recovery. COVID crisis. In economic reports, April data released Tuesday morning showed the U.S. international trade deficit narrowed to $ 68.9 billion, from a record $ 75 billion a month earlier. Economists polled by Dow Jones Newswires and the Wall Street Journal had looked for a consensus gap of $ 69 billion. Meanwhile, US job openings climbed to 9.3 million in April, from a revised 8.3 million the previous month, the Labor Department said. The data highlights concerns over employers’ inability to fill jobs despite unemployment which remains high due to the COVID-19 pandemic.